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Getting a mortgage after debt write down

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  • 30-11-2017 10:34pm
    #1
    tracy3135
    Registered Users Posts: 10 ✭


    Over the past 5 years I have been through some tough times, severe wage cuts by both myself and my now ex husband, divorce, losing the family home and keeping myself going for the sake of the three beautiful children I have.

    Our family home was sold at the request of the bank. We agreed to do this and the bank had to agree the buyers offer. We got a debt write down for the remaining sum owed as the house was in serious negative equity.

    It has been over two years now and I am a renting a house with my children. Unfortunately the owner is selling and we have to move. The rental market is so uncertain and there is nothing to rent.

    My elderly mother is going to help me to try to buy a modest home to provide some security for me and the kids.

    MY QUESTION IS THIS........
    Do you think I could be considered by any lending institution for a mortgage after having a debt right down? Are circumstances taken into account and considered or am I simply to remain in a bad credit rating for 5 - 7 years before being considered eligible for a mortgage?
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