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  • FIRST POST
    • Westan
    • By Westan 15th Dec 16, 9:01 PM
    • 23Posts
    • 6Thanks
    Westan
    Discharged in March 2013
    • #1
    • 15th Dec 16, 9:01 PM
    Discharged in March 2013 15th Dec 16 at 9:01 PM
    Hi there, just need some confirmation. With the anniversary of me being discharged coming up to 4 years this March I am wondering when the bankruptcy will drop of my credit report and also at what point can I realistically think about applying for a mortgage?

    Thank you all and Merry Christmas!
Page 1
    • LEK
    • By LEK 15th Dec 16, 9:10 PM
    • 81 Posts
    • 41 Thanks
    LEK
    • #2
    • 15th Dec 16, 9:10 PM
    • #2
    • 15th Dec 16, 9:10 PM
    Hi there, just need some confirmation. With the anniversary of me being discharged coming up to 4 years this March I am wondering when the bankruptcy will drop of my credit report and also at what point can I realistically think about applying for a mortgage?

    Thank you all and Merry Christmas!
    Originally posted by Westan
    Your bankruptcy should drop off your credit file on the 6 year anniversary in March 2018. Applying for a mortgage straight afterwards isn't advised as the first thing to do is to check your credit file to verify that it is squeaky clean after your bankruptcy has disappeared.

    Also you may need to build up your credit file again by applying for and sensibly using a credit card / phone contract etc. As mortgage lenders will look at what type of credit you're using and to see that you're keeping up with repayments.

    Some people have had success with obtaining a mortgage shortly after exiting bankruptcy altogether but personally I wouldn't run the risk, that's if you want to go for one that is from a reputable lender & offering a competitive offer. I'd possibly give it a year at least or even 18 months just to have enough new & up to date positive points on the credit file.

    Liam.
    • rjwr
    • By rjwr 15th Dec 16, 9:34 PM
    • 325 Posts
    • 206 Thanks
    rjwr
    • #3
    • 15th Dec 16, 9:34 PM
    • #3
    • 15th Dec 16, 9:34 PM
    got my mortgage in year 5 with Yorkshire building society.

    good luck
    • Westan
    • By Westan 10th Jan 18, 8:52 PM
    • 23 Posts
    • 6 Thanks
    Westan
    • #4
    • 10th Jan 18, 8:52 PM
    • #4
    • 10th Jan 18, 8:52 PM
    So only 2 months to go now!

    With regards to the actual words of "Bankrupt" on the credit report, will they just disappear from the report from April 2018 or will I need to contact the credit report companies to tell them to update?
    • ACG
    • By ACG 10th Jan 18, 9:59 PM
    • 16,118 Posts
    • 8,296 Thanks
    ACG
    • #5
    • 10th Jan 18, 9:59 PM
    • #5
    • 10th Jan 18, 9:59 PM
    Sometimes it can take a few months to drop off.
    Many lenders will ask if you have ever been bankrupt. But there are lenders who would accept you now and at normal rates - although for the sake of 2 months its probably worth holding off if you can.

    Dont forget to get a copy of the discharge letter/certificate if you do not already have one. You will probably need it, so bet to get it in advance if you can so its nto a mad rush in a few weeks.
    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.
    • amstel2
    • By amstel2 11th Jan 18, 6:12 PM
    • 256 Posts
    • 36 Thanks
    amstel2
    • #6
    • 11th Jan 18, 6:12 PM
    • #6
    • 11th Jan 18, 6:12 PM
    Sometimes it can take a few months to drop off.
    Many lenders will ask if you have ever been bankrupt. But there are lenders who would accept you now and at normal rates - although for the sake of 2 months its probably worth holding off if you can.

    Dont forget to get a copy of the discharge letter/certificate if you do not already have one. You will probably need it, so bet to get it in advance if you can so its nto a mad rush in a few weeks.
    Originally posted by ACG
    Don't forget though it stays on the London Gazette for ever & as far as i know mortgage providers always checks this. This doesn't mean you would never get a mortgage though.
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