how to get a mortgage after bankruptcy

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  • rocket1971_2
    rocket1971_2 Posts: 2 Newbie
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    Lorax,

    thank you .. and to Ineedaname who linked me to this post.

    I am looking to buying a house after my bankruptcy in 2005. Can I ask did you wife go on the application as well? my wife's credit is clean but she doesn't have a job?

    I have a 20-25% deposit and your story has given me hope to keep trying which I was close to giving up after reading the doom and gloom in other forums and sites.

    once again thank you so much.

    Rocket101
  • joel10873
    joel10873 Posts: 106 Forumite
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    an excellent thread that i wish i had found before i went through a recent mortgage application...that was accepted then thrown out
  • sam3418
    sam3418 Posts: 6 Forumite
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    what lender approved your situation so i can try them thanks
  • Musicjazz
    Musicjazz Posts: 18 Forumite
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    Bump...

    This is so useful... Anybody with any other stories of mortgage success post BR to give us lot some hope?...
  • Jesca
    Jesca Posts: 23 Forumite
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    Hi, thanks so much for this post. I am 6 years post BR now and this will drop off my file in 1 month. I have just been approved for a credit card and my next stop is a store card. Hopefully in a few years, I might be able to get a mortgage.

    I am fervently searching for a BR friendly financial advisor but can't seem to find one! Help!??
  • laurah159
    laurah159 Posts: 42 Forumite
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    Definitely need to see more posts like this... Well done!
  • colmac71
    colmac71 Posts: 119 Forumite
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    Hi All,
    been a while since I posted, this forum was such a massive help when I was starting my BR in 2008 (discharged April 2009)

    I'm now (with my partner - who has a house/mortgage with approx 20-25% deposit) looking for a mortgage

    I already followed some of the advice from earlier threads in this post

    Leeds BS - want you to wait until 6 years after date of BR

    Yorkshire BS - looking good - will consider after 36 months but need a clean credit file (i.e. defaults post BR) and they also want a 25% deposit

    National Counties will also consider with a 20% deposit (if you are discharged 3 years +)

    I have approached 2 mortgage advisers (sourced from internet) - one got back to me same day (after providing some details) and said that they could get us a 75% mortgage through Nationwide (but when I tried calling Nationwide directly they said I have to be out of BR for the full 6 years) - so wonder if it is sister company? - NB this mortgage adviser wants to charge £1500 fee on completion

    I'm still waiting to hear from other mortgage adviser (very nice but not sure if he is promising the earth and getting nowhere) as initially he said that they are a couple of lenders who might go as far as 90% mortgage but so far he has come back with nothing

    Anyone else with updates / advice would be very welcome, and I'll keep you updated with my journey too.

    Just having a bit of an issue clearing up credit files - some creditors just taking lengthy time (4 months!) and callcredit seem to have my last two addresses mixed up as different information is showing between Callcredit and and the other agencies.

    Best regards
  • Jammababe
    Jammababe Posts: 2 Newbie
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    Wow thanks so much for this . It gives us hope should this happen in my situation. I pray not but it is always best to know what is at all possible.
  • Fred_Mac
    Fred_Mac Posts: 1 Newbie
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    :T Thanks for your list of companies,
    I have spent 2 1/2 years searching for finance to build a house having inherited a house with land post BR. Even with this £140k equity noone wanted to know until now

    I have found that the length of time after discharge after which the companies will consider you varies -
    I have found 2 so far that say 4 years after discharge ( don't even contact them before that date as they won't consider it ) -
    The Principality and
    Nottingham BS
    I have tried to find a list of this criteria for all banks and building societies but no luck so far. Anyone know of one?

    Others won't consider until the 6 years are up and the record is cleared
    Including
    The Yorkshire (Norwich&Peterboro)
    And Northern Rock ( bloody cheeks considering you and I bailed them out of their near bankruptcy)
    the Banks of course have been particularly unhelpful and won't even allow me to open up a business account.


    Make sure your discharge certificate is available and your credit file has been edited.

    Add a Notice of Correction - if appropriate, with ALL the credit scoring agencies as lenders use different ones to check. I managed to increase my score to Excellent and 994 out of a 1000 with Experian. But the BR record has affected me so far.

    Dec 9th this year is my 4 year anniversary which I intend to celebrate with much gusto.:beer:
    I will check out your list and report back

    Thanks again
    Fred Mac:j
  • colmac71
    colmac71 Posts: 119 Forumite
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    Hi all, I said I would update you....

    Okay so this has been quite a journey - Clearing up my credit file has been a nightmare! been on it for about 8 months in total

    Just one last creditor (Picture Home Loans) but Call Credit have temporary surpressed it as Picture aren't responding to them (I've called them 6 times, mailed them 3 times and they say it's no them but Idem - and Idem say its not them its Picture.

    Anyway tried a few mortgage companies as previously suggested.
    Spoke with a number of mortgage advisors too - and they range from amazingly hopeless to somewhat hopeless. (2 wanted to charge a fee 1 wanted to charge £495 - maybe good if you dont want the job of doing the leg work. The second wanted to charge fees of approx 1% of the purchase price.

    As has previously been suggested just ring quite a few of the building societies - the list that has previously been suggested was very useful. The smaller ones more so - and some don't rely purely on a credit score!

    I know that quite a few lenders want you to wait a full 4 years after discharge before applying (Skipton for example)

    25% deposit seems to be the key too (or more)

    I did make an application to National Counties - they were great EXCEPT I got a knock back as my loan amount was under £125,000 !!!

    I'm literally awaiting a phone call from another building society to give me the YES/NO - it's been to the Mortgage Executive and he has said yes (did question me about reasons for bankruptcy and how i'd pay deposit etc etc) but the formal application is now with the underwriters! When I spoke with them an hour ago it is on her desk! so am waiting for the phone call!!!

    I'll let you know who it is as soon as they have come back to me but please keep your fingers crossed.

    Several mortgage advisors have said Nationwide would look at it individually (although others say not!), Yorkshire Building Society were going to look in to it but never ever got back to me (as it went to branch rather than being dealt with by head office)

    Anyway hope this helps for now.
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