Bankrupt in Jan 2012, chance of remortgage?

watcher27
watcher27 Posts: 210
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edited 24 June 2017 at 5:43PM in Bankruptcy & living with it
Hi,
So been a while lol
We went bankrupt back in Jan 2012, and with the help of all the people on this board and the CCCS (as it was then), it was all smooth sailing.

The judge and OR were sympathetic to our situation as it wasn't caused by overspending etc
We didn't loose our house, phones, cars etc.

So fast forward nearly 6 years (in Jan) and we are thinking about a reportage as we have been stuck with NRAM since going BR at a very high rate (4.77%).
I know we wont stand a chance till Jan when the BR drops off our record, but want to start thinking about it now.

Current financial situation is this:
combined joint income of £46K
House value is £210K approx.
Mortgage settlement is £152K
Mortgage payment is £975 per month

Come Jan we would like to re-mortgage and borrow between an additional £5-£10K to refurbish the kitchen, bathroom etc to do the house up.

Would this be possible?

Never re-mortgaged before so haven't a clue!?

Thank you!

Comments

  • peterkay369
    peterkay369 Posts: 164 Forumite
    Nationwide are very good with mortgages for discharged bankrupts, however not sure on remortgaging.

    I'd speak to either them or a specialist broker who would be able to give you the best advice and rates ��
  • threeofus
    threeofus Posts: 106 Forumite
    How did you manage to keep your house?
  • Mouse007
    Mouse007 Posts: 1,062
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    How did you manage to keep your house?

    We kept ours, my wife bought my beneficial interest (half share) off the OR. Being in negative equity at the time helped keep the cost down.

    BBC WatchDog “if you are struggling with an unfair parking charge do get in touch”


    Please email your PCN story to watchdog@bbc.co.uk they want to hear about it.
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  • ACG
    ACG Posts: 23,677
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    There will be a couple of lenders who will consider it now and at normal rates.

    Im with the others, speak to a broker and I am sure you will be fine. There are lenders who will consider you 3 years discharged, another after 4 years, another after 5 but most kick in 6 years discharged.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • threeofus
    threeofus Posts: 106 Forumite
    There is equity in ours, but I'm not sure how I can raise the equity....!!!!!!. Hope you get your mortgage sorted
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