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Repossessed but would like to buy another property

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  • Repossessed but would like to buy another property

    We got repossessed in January 2008, our mortgage was extremely high, well over a £1300, we just could not afford the repayments, we now rent privately, the house is ok, but do not like it very much. Is there a chance that we could buy our own property again. We do not have any deposit at present.

    I just wish someone could help our situation, be greatful of any suggestions. We have got an application form for housing from the council, but you have to wait years for a house.

  • #2
    Re: Repossessed but would like to buy another property

    What efforts have you made to rebuild your credit rating and also to save for a deposit?

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    • #3
      Re: Repossessed but would like to buy another property

      With a repossession so fresh in your credit history there is not a lender out there that will look to lend.

      Anyone with a good clean credit history to obtain a good rate is looking at a deposit of at least 15%, even shared ownership would still require 10% of the share.

      Might I suggest that if you don't like where you rent currently to simply look for somewhere else to live, at least renting does give you that freedom.

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