Can I still get mortgage after a repossession?

Question

my property was repossessed in february this year, Is it still possible for me to buy a house in UK at all?

Answer 1

Highly unlikely for a long time. Though if you had a very substantial deposit a lender could take the view that if you default and they have to repossess there would be enough equity to cover your indebtness.

Answer 2

Possibly in the future but your credit record will probably go aginst you for a year or two.

Answer 3

most lenders will accept you again, however the repossession must be showing as satisfied on your credit report, normally this happens about 2 years from the date of repossession.

also you will pay a premium mortgage rate because of the repossession

jade

Answer 4

We got repossessed when I was a baby, but this resulted in us going bankrupt as well. We couldn't get any credit, loans or a mortgage for about 5 years, but my mum managed to get a small mortgage a few years ago (11 years after repo). Thing is it damages your credit rating and all that so the odds are very much against you I'm afraid. Plus with the state of the UK market and how the lenders are about how much they will lend you doesn't help much. There are plenty of places to rent, which is actually quite good

Answer 5

Sorry mate, unfortunately, your credit score is back to zero with the repossession, they are trying to past laws that would clear the credit rating every two years, so till then, either rent or cash up front.

Sorry