Applying for a mortgage 6 years after reposession. : LUSENET : Repossession : One Thread

Our house was reposessed nearly six years ago (Feb 93). I'm desperate to own my own home again and am now earning enough, and have a small deposit. The problem being that because of our entry on the CML list normal lenders still wont touch us, unless we are able to but down a hefty deposit. We've been told we can get a mortgage through a third party, who charges #100 up front and then 1% commission on the loan and here we can get a 95% loan with nearly 5% cash back, all with a main lender at 7.45%. (How do they do this ? ) What I really want to know is is it worth waiting the 4 months until our name is taken off the list, will this then open up all normal options to us ?

-- Michael Culverhouse (, October 27, 1999


Dear Michael

Whilst I cannot give an answer to your query. I can certainly sympathise. My partner had a house repo in October, we are waiting for the shortfall to be calculated and we are going to try to obtain a mortgage once we have agreed on a settlement for the shortfall. I would be very interested to learn how you get on. If you're interested I phoned a lot of the brokers on the (brokers list page of this site) and they gave me some very helpful information. I look forward to hearing from you about your progress. BEST OF LUCK

-- Joanne (, February 14, 2000.

It is with great interest, i read Joannes repossession and that they are awaiting the shortfall to be calculated,so as to apply for a new Morgage,im sure that many on thie website would like to know who the Lender is as its not the usual 3-4-5-6-7-8-9-10-11-12 years with interest and all the effects it has on your new rebuilt life With regard to Joanne ,im sure like many more on here i wish all best to restart here life,so early after the event it would be interesting to hear many more on this email and your answers and comments and do hope Joanne can fill us all in

Charles Twford

-- charles twford (, February 14, 2000.

Hi Charles,

Thanks for your comments - there is somebody else out there! I spoke to the lender today about the shortfall and they advise that we should now the exact figure in approx 2-3 weeks (fingers crossed). I also spoke to several brokers who have advised me that once a settlement for the shortfall has been reached we should be able to get a mortgage - whats your opinion on this? Have you got a horror story to share? At the moment I'm just keeping my fingers crossed that we can come to an amicable settlement with the B/S and get on with our life. I will keep you updated with the progress, or lack of it and let you know if we manage to find a lender and get a mortgage.

-- Joanne (, February 14, 2000.

Thanks for your comments. Things have suddenly changed in a matter of months. From brokers telling me all I could get was 10% mortgages plus 2k commission fees, I persevered until finally a high street lender has offered me a mortgage in principle. I have been totally honest throughout and have probably suffered because of it but at least my concience is clear, so there is hope ! A second point is that I have recently checked my credit file with Equifax to find that the repossession entry is still there, from more than six years ago. I have written to them to have it removed and will let you know how I get on. One broker advised me that the building soc.s have another 'secret' list which isn't officially acknowledged, but I don't know if there is any truth in this. It would be nice to know if anyone else knows of this. IMO the settlement fee agreed is entirely dependant on your circumstances at the time. We settled a 30k debt for around 2k, but things looked pretty bad for us at the time, and we had to borrow the 2k to settle it, but it was a great weight removed. And finally, always remember that life goes on, and you're not alone. Best wishes, Michael

-- (, March 06, 2000.

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