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Old 12-23-2009, 09:58 PM
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Default Repossessed but would like to buy another property

We got repossessed in January 2008, we are now renting, our morgage was so high £1,300 per month, our rented house is ok, but do not like it very much, we have applied to the council, but the waiting list is years. We would love to buy another property with a lot lower mortgage, but we do not have a deposit.

Is there any one that would be able to help us.
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Old 01-05-2010, 12:56 PM
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Default Re: Repossessed but would like to buy another property

You're just going to have to save for a deposit - put the extra money you'd need for a mortage away in a savings account or similar to help start it off.
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Old 01-12-2010, 08:30 AM
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Default Re: Repossessed but would like to buy another property

With a repossession in the background then there isn't a lender out there that will look to lend.

You would also need a deposit the minimum in reality for someone without adverse credit history would be 15%, and in the future even if some of the lenders do relax their stance to borrowers with previous repossessions you will need a considerable deposit in my opinion.

If you don't like where you are renting currently then look for somewhere else, at least renting gives you that flexibility.
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