Nearly ten years ago I was forced to volunteer my house for repossession. It was subsequently sold via an agent for £16,000 less than the original mortgage. I’m not in a position to repay the shortfall, but would like to move out of my council house and enter the housing market again. What would be my prospects of obtaining another mortgage?
Your chances of getting another mortgage are likely to be very slim. In applying for one you will have to disclose your mortgage history, which will be checked with your previous lender. You may be able to find a lender who would be prepared to offer a mortgage, but that would almost certainly be subject to your earlier debt being paid off or written off.