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  • FIRST POST
    • Debtsylor
    • By Debtsylor 6th Sep 17, 12:49 PM
    • 1Posts
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    Debtsylor
    Mortgage after Bankrupcy
    • #1
    • 6th Sep 17, 12:49 PM
    Mortgage after Bankrupcy 6th Sep 17 at 12:49 PM
    Sorry but this is going to be quite a long post with several different aspects!
    My Husband was made bankrupt and was discharged from this in November 2013. The bankruptcy was filed against him for non payment of tax, vat etc to HMRC. We had been paying this money to our accountant who was supposed to be forwarding it to the relevant dept at HMRC along side filing our accounts. A very long story short he never paid it! He took over £160,000 from us and never paid a penny to HMRC. He also took from other victims. He has since been charged with Fraud and sentenced to 7 years in prison which has taken us 3 years to get through the system!
    We lost our family home due to this and my husbands £90,000 of equity in the property was taken by the trustee to pay the debts to HMRC.
    Last month we were told at a Proceeds of Crime hearing that we have been awarded 50% of the equity from the sale of his property. I believe his wife has 6 months to sell or it will be taken through enforcement action. The 50% share is valued at around £49,000.

    First question is can we get anything added to my husbands credit file to show that he was a victim of fraud, if so how do we go about it?

    Major question is will we be able to get a mortgage again?
    We have £90,000 in savings and the £49,000 due to come but we have never idea how long this could take?
    Where we live is quite expensive and would be looking at properties valued around £285,000, less our £90,000 so mortgage amount for £195,000. This would reduce quite quickly once we had the £49,000 from the sale of our accountants home.

    We are both self employed and had to start our business all over again after he had not submitted accounts for us so have only been trading in our current name for 2 years in November.
    Our business prior to this had been going for 14 years so is steady and not a new business.
    Our net income on our first full years accounts were £25,000 each.
    We are currently paying £1200 per month for a rented property and are desperate to become homeowners again does it sound like a possibility and any recommendations for mortgage companies to approach?

    Many thanks
Page 1
    • Lilla D
    • By Lilla D 7th Sep 17, 9:41 PM
    • 310 Posts
    • 154 Thanks
    Lilla D
    • #2
    • 7th Sep 17, 9:41 PM
    • #2
    • 7th Sep 17, 9:41 PM
    Let's start from the end: "any recommendations for mortgage companies to approach?" Yes, go to a broker, as trying to do it yourself will be a nightmare when trying to deal with customer service helplines. There are a lot of specialist lenders that you wouldn't have heard of, but if your credit files are clear except for this bankruptcy, there may be some high street lenders as well, who could potentially consider your case. A broker can pre-agree things for you and you have someone to help you through the whole process.

    Will you be able to get a mortgage? Yes, from the right lender.

    Adding something to the credit file - it's called a notice of correction and if you contact Experian/Equifax or search for it on their websites, you'll find how to go about it. However, it's a double edged sword and wouldn't necessarily help your case. You'd be much better off having solicitor/court letters to hand and send them to the chosen broker, who can then use them to get the required agreement from the lender.
    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.
    • ACG
    • By ACG 7th Sep 17, 9:51 PM
    • 15,399 Posts
    • 7,786 Thanks
    ACG
    • #3
    • 7th Sep 17, 9:51 PM
    • #3
    • 7th Sep 17, 9:51 PM
    3 years discharged with that level of deposit, there should be a couple of high street options.

    It is one for a broker I suspect but there are a handful of lenders who spring to mind.
    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.
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