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    • vally46
    • By vally46 14th Oct 16, 7:28 AM
    • 14Posts
    • 4Thanks
    vally46
    're mortgage ex bankrupt
    • #1
    • 14th Oct 16, 7:28 AM
    're mortgage ex bankrupt 14th Oct 16 at 7:28 AM
    Hi all

    I'm looking for advice. Discharged bankrupt 2012, didn't lose the house as no equity and have never missed a payment.

    Will be 6 years discharged in March 2018.

    Current mortgage with nram at 4.62 % I pay £680 per month and have £112000 left to pay.

    I earn 50k a year.

    Could I remortgage for a better rate or move to a bigger house next year at approx 180k.

    My house now worth 140k and have 10k cash.

    Am I stuck until at least 6 years discharged with this rate/chances of moving ?

    Thanks all.
Page 1
    • muhandis
    • By muhandis 14th Oct 16, 8:01 AM
    • 222 Posts
    • 82 Thanks
    muhandis
    • #2
    • 14th Oct 16, 8:01 AM
    • #2
    • 14th Oct 16, 8:01 AM
    You might have already come across this, but if not this is from the Experian website re: bankruptcy and credit report.

    "A bankruptcy will stay on your credit report for six years from the original date of the order, as long as it has been discharged by then. We keep bankruptcies that last longer than six years until they are discharged. After discharge it’s sensible to check your credit report to make sure any debts that were included in the bankruptcy have also been updated. If you review your credit report and find any that haven’t been updated please tell us so we can help. Once the bankruptcy drops off your report it will no longer be visible to lenders carrying out a credit check. But bear in mind that some lenders ask you on the application form if you’ve been bankrupt in the past, so it might still come into play for some lenders’ decisions."
    • kingstreet
    • By kingstreet 14th Oct 16, 8:04 AM
    • 30,019 Posts
    • 15,961 Thanks
    kingstreet
    • #3
    • 14th Oct 16, 8:04 AM
    • #3
    • 14th Oct 16, 8:04 AM
    A couple of high street lenders use six years from registration, not six years from discharge so you might have options in March 2017, rather than 2018.

    Definitely a broker job.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • Thrugelmir
    • By Thrugelmir 14th Oct 16, 9:24 AM
    • 51,268 Posts
    • 43,075 Thanks
    Thrugelmir
    • #4
    • 14th Oct 16, 9:24 AM
    • #4
    • 14th Oct 16, 9:24 AM
    Is your mortgage interest only? If so what plans do you have to repay the capital?
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • ACG
    • By ACG 14th Oct 16, 12:45 PM
    • 13,493 Posts
    • 6,639 Thanks
    ACG
    • #5
    • 14th Oct 16, 12:45 PM
    • #5
    • 14th Oct 16, 12:45 PM
    There are high street lenders who do it 3 years discharged so placing it now is a possibility.

    However:
    - It will need to be on repayment.
    - Realistically I can not see a £180k purchase being possible. You do not have enough equity/savings to make it attractive enough to a mortgage lender I do not think.
    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.
    • Verix
    • By Verix 14th Oct 16, 1:18 PM
    • 141 Posts
    • 62 Thanks
    Verix
    • #6
    • 14th Oct 16, 1:18 PM
    • #6
    • 14th Oct 16, 1:18 PM
    This is potentially workable as has been said but you be very limited on lenders fi you want to move forward now. The longer you wait the more lender that will open up to you.


    Definitely one for a broker.
    • vally46
    • By vally46 14th Oct 16, 3:05 PM
    • 14 Posts
    • 4 Thanks
    vally46
    • #7
    • 14th Oct 16, 3:05 PM
    • #7
    • 14th Oct 16, 3:05 PM
    Hi thanks for replys.

    I am on repayment now. So I am paying off the amount.

    I guess I'm best seeing a broker in March and save as much as poss until then.
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