Hello All
Just wondered if I could have a opinion on this as I have recieved conflicting advice.
In 2010 I split from my wife, cut a long story short she left me in a financial mess :( and a mortgage I could not afford after trying unsuccesfully to sell the property I agreed to hand the property to the mortgage company with no legal action taken. There was a shortfall but the company accepted a reduced one off payment to cover it :D.
Since then my fortunes have changed for the better, :TI had a unexpected windfall from a unexpected inheritance and I will shortly be able to pay off all my other debts and have a large lump some towards another property. I will probably have a 50k deposit for a property costing around 100k.
I am thinking of buying if I can, but will I get a mortgage, I have been told you cannot got a mortgage for 5 years :p but also strictly speaking it was not a repessession and the fact I came to an agreement with the shortfall instead of just declaring myself bankrupt (which I was adviced to do at the time) may go in my favour.
Can anyone offer some advice?
Thanks in advance.:D
Just wondered if I could have a opinion on this as I have recieved conflicting advice.
In 2010 I split from my wife, cut a long story short she left me in a financial mess :( and a mortgage I could not afford after trying unsuccesfully to sell the property I agreed to hand the property to the mortgage company with no legal action taken. There was a shortfall but the company accepted a reduced one off payment to cover it :D.
Since then my fortunes have changed for the better, :TI had a unexpected windfall from a unexpected inheritance and I will shortly be able to pay off all my other debts and have a large lump some towards another property. I will probably have a 50k deposit for a property costing around 100k.
I am thinking of buying if I can, but will I get a mortgage, I have been told you cannot got a mortgage for 5 years :p but also strictly speaking it was not a repessession and the fact I came to an agreement with the shortfall instead of just declaring myself bankrupt (which I was adviced to do at the time) may go in my favour.
Can anyone offer some advice?
Thanks in advance.:D