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Friend needs advice please!!


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Hi All,

My friend had his house re-possessed about 3yrs ago and he was just wondering what the chances are if any of getting another mortgage in the near future as he is in a much better position financially now?? Would he have to put a big deposit down?

Regards--Big Al

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Normally if the house is repossessed then it would stay on the credit file for 6 years, the same as any other kind of default.

 

There are lenders out there who will lend to people with a less than perfect credit record but obviously they would expect to charge premium rates to cover the risks associated qwith sub-prime lending. Of course the greater the amount of time3 since the repo the greater the chance of getting a mortgage.

 

My opinion would be that your friend would have difficulty finding any kind of lender willing to take the business and if they did, then expect the rates to be much higher than current market

Hope this helps

 

 

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Please note: i am not a qualified lawyer, any advice is offered in good faith and is based on my own and others experiences and a penchant for research and a desire to help others to empower themselves

 

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