Can I get another mortgage? : LUSENET : Repossession : One Thread

I am about to hand back the keys to a one bedroomed flat which I cannot sell. I am now married with two kids and live 90 miles away from the property. My husband and I hope to buy somewhere jointly in the future and would like to know if I do hand the keys back will it affect any future mortgage application?

-- helen brown (, March 06, 1999


Yes, it may affect your future applications. Lenders generally go on your credit records when they assess whether or not to give you a new mortgage. What those credit records show depends (mainly) on how long ago you took out the mortgage, as well as how often and how recently you have missed payments, and problems you have had paying other debts in the last six years.

So called 'specialist' lenders will give you a mortgage but the rate will be 1.5-2% higher for 18 months or so. If you are quoted different, don't take the mortgage.

If I were you I'd a) talk over the possibility of selling with your current lender and b) rent for a few years... loans are going to get cheaper because demand is dying and competition is increasing and c) read the blacklisted? section of the site.

Hope this helps.


-- Lee (, March 06, 1999.

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