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  • FIRST POST
    • loveday10
    • By loveday10 14th Jun 17, 11:19 AM
    • 1Posts
    • 0Thanks
    loveday10
    Mortgage application with discharged partner
    • #1
    • 14th Jun 17, 11:19 AM
    Mortgage application with discharged partner 14th Jun 17 at 11:19 AM
    Hey guys,

    I have a question that I'm hoping someone will be able to give me some advice / direction on. I've searched across this forum and Google, and haven't been able to find a similar situation to this.

    Myself and my partner are in the process of buying a house, we have a large deposit and a need a mortgage of around £125,000.

    In terms of affordability, both our wages combined means the maximum we'd be able to mortgage is £250,000, so we are well in the bracket of being able to afford repayments.

    We're assuming this may be an issue, but my partner registered as bankrupt 4 years ago, and was discharged 3 years ago.

    We received a mortgage accepted in principle from Barclays, but obviously they're yet to know the situation we are in.

    Will this cause some issues? Or is affordability seen as a strength over a credit problem 4 years ago.

    Many thanks!
Page 1
    • mwarby
    • By mwarby 14th Jun 17, 7:17 PM
    • 801 Posts
    • 301 Thanks
    mwarby
    • #2
    • 14th Jun 17, 7:17 PM
    • #2
    • 14th Jun 17, 7:17 PM
    I'm pretty sure Barclay's is 100% no, unless bankruptcy is over 6 years old.can you meet the yourself ?
  • National Debtline
    • #3
    • 15th Jun 17, 11:05 AM
    • #3
    • 15th Jun 17, 11:05 AM
    Hi loveday10

    Welcome to MSE. Bankruptcy is very often an issue when taking out a mortgage. Some applications will ask if someone has ever been made bankrupt, so even where the bankruptcy is over 6 years old and no longer on the credit report, it can still be an issue. Your partner will have another 2 years until the bankruptcy drops off their credit report.

    I would suggest it may be worth speaking to a mortgage broker who would have more specialist knowledge of the best lenders to try and apply through. Hopefully having a large deposit will stand you in good stead, or as mwarby mentions, you may need to consider if you could manage the mortgage (albeit a smaller one) in your sole name. Good luck!

    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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