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  • FIRST POST
    • Weststandstag
    • By Weststandstag 17th Oct 16, 10:54 AM
    • 2Posts
    • 0Thanks
    Weststandstag
    Buying a house 3yrs post Bankruptcy
    • #1
    • 17th Oct 16, 10:54 AM
    Buying a house 3yrs post Bankruptcy 17th Oct 16 at 10:54 AM
    Hi
    I've been clear of bankruptcy for 3yrs now and am now saving towards buying our rented home.
    How long do need to be clear before attempting to get a mortgage and what's the likelihood of getting one?
Page 1
    • worriedmamma
    • By worriedmamma 17th Oct 16, 11:00 AM
    • 147 Posts
    • 56 Thanks
    worriedmamma
    • #2
    • 17th Oct 16, 11:00 AM
    • #2
    • 17th Oct 16, 11:00 AM
    Hi there

    My understanding is the bankruptcy is on your credit file for 6 years. I'm not sure if anyone's been able to get a mortgage within the 6 years or not. But I'd hazard a guess that lenders are going to have alarm bells ringing when lending to someone who's been bankrupt (rightly or wrongly of course!)

    Good luck x
    • owlet
    • By owlet 17th Oct 16, 11:32 AM
    • 1,473 Posts
    • 1,356 Thanks
    owlet
    • #3
    • 17th Oct 16, 11:32 AM
    • #3
    • 17th Oct 16, 11:32 AM
    There are people on here who have reported getting a mortgage at 4 years (I think) post BR. I think Nationwide was one mentioned.

    If you get a mortgage broker - independent, not tied to a bank/building society, they can search the whole market to try and get you the best deal.
    SPC 8 (2015) #485 TOTAL: £334.65
    SPC 9 (2016) #485 TOTAL £84
    SPC 10 (2017) # 485
    • alltaken
    • By alltaken 17th Oct 16, 1:07 PM
    • 331 Posts
    • 173 Thanks
    alltaken
    • #4
    • 17th Oct 16, 1:07 PM
    • #4
    • 17th Oct 16, 1:07 PM
    Nationwide, Skipton, a fair few others will lend at around 36 months post discharge. 3 years is the magic number with an average of 20%-30% deposit reported. Most on here seem to go with fixed 2 year deals and then look to re-mortgage, I assume this compensates for a potentially higher rate whilst 3 years post discharge.

    I am looking to purchase in 3 years, looks very promising with various building societies, don't be put off, just make sure you have a healthy deposit, i'll be aiming for 30%.
    • tigerfeet2006
    • By tigerfeet2006 17th Oct 16, 3:27 PM
    • 13,715 Posts
    • 29,790 Thanks
    tigerfeet2006
    • #5
    • 17th Oct 16, 3:27 PM
    • #5
    • 17th Oct 16, 3:27 PM
    Also make sure your credit files are squeaky clean and that you are seen to be handling credit correctly.
    BSCno.87
    The only stupid question is an unasked one
    I now live in a country that is 4 hours ahead of the UK so you may now find I post at weird times
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