We had our home repossessed in Jan 1996 and was informed there was a shortfall of £42000 and after advice from this website made a payment of £5000 in final settlement of the debt in 2000/2001. We're looking for a 100/110% mortgage to purchase the rented house in which we live. Having great problems trying to find a lender to help us - do you know of anyone that will give us a chance? Looking forward to any advice. Jacqueline P.S. to anyone who's going through what we did in 1996 keep your chin up - there is light at the end of the tunnel!!

-- Jacqueline Pacey (pacey.j@ntlworld.com), May 16, 2003

Answers

I'm sorry to say Jacqueline that I think you're chances are virtually nil. 100% mortgages are difficult for people with unblemished credit files, and I'm guessing you've seen yours from the CRAs and have found problems ?

I would suggest your best bet would be to somehow try to scrape together the 5% deposit for a standard 95% mortgage - there are lenders out there who will consider you for this...numerous links on this website, although I couldn't recommend any particular one above another.

Not what you wanted to hear I am sure - and I hope someone else knows better than me !

-- Chris (chrsh@email.com), May 16, 2003.

Dear Jacqueline, I have sent you an email, because we found ourselves in exactly the same situation. We have just spent two weeks trying to find someone to lend us 70,000 to buy the house that we have rented for the past 10 years. But due to the fact that we had a flat repossed we were unable to find anyone to help us. This is probably not good for you to hear, please read my email and contact me if you wish. For anyone whos interested we couldnt oput in a bid for our home and we are now waiting to hear our fate.

-- sarah courtney (wellbrook 400@hotmail.com), May 18, 2003.

only just seen this, sorry. My house was repossesed in 1995 with a short fall of many thousands. I have managed to now have a 100% with HSBC.....have you tried them?

-- Sandy Lewis (sandilou69@hotmail.com), August 23, 2003.

Mortgage lenders underwrite all mortgage applications and unfortunately any adverse or derogatory comments on your application form, credit file, cifas or cml repossession register cause your risk rating to be higher.

A mortgage lender would never (when informed on application or discovered) lend you such a high loan to value ratio.

If you could find a 15% deposit or save up for it you would be able to source quite a competitive product from someone like GMAC RFC.

Anyone looking for a 100% + mortgage would need a 'squeaky clean' and regular transactions 0 arrears, credit file. Not mention full wage slips and bank account statements.

-- who (who@idontwanttosay.com), August 23, 2003.