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  • FIRST POST
    • chev chelios
    • By chev chelios 5th Oct 17, 10:57 AM
    • 26Posts
    • 0Thanks
    chev chelios
    Getting a mortgage with an ex bankrupt
    • #1
    • 5th Oct 17, 10:57 AM
    Getting a mortgage with an ex bankrupt 5th Oct 17 at 10:57 AM
    Hi all,

    I'm looking for advice on how to start looking for a mortgage with my wife who has been declared bankrupt before we've met*. We currently live in a flat I own and want to move into a bigger place. I know we can get a decision in principle, but I also know that the DIP isn't a guarantee we will get the mortgage. Given this how do we start? I'm wary of just starting to apply because of creating financial connections between us.

    *) Bankrupt in September 2014, discharged a year later. We'll probably have to wait until 3 years discharged.
Page 1
    • amnblog
    • By amnblog 5th Oct 17, 11:04 AM
    • 10,071 Posts
    • 3,926 Thanks
    amnblog
    • #2
    • 5th Oct 17, 11:04 AM
    • #2
    • 5th Oct 17, 11:04 AM
    Unless you want to use a specialist Lender you are looking at another 12 months before there are options on a joint application basis.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • chev chelios
    • By chev chelios 5th Oct 17, 11:10 AM
    • 26 Posts
    • 0 Thanks
    chev chelios
    • #3
    • 5th Oct 17, 11:10 AM
    • #3
    • 5th Oct 17, 11:10 AM
    Do you mean September 2018? 3 years discharged?
    • David White
    • By David White 5th Oct 17, 11:28 AM
    • 863 Posts
    • 378 Thanks
    David White
    • #4
    • 5th Oct 17, 11:28 AM
    • #4
    • 5th Oct 17, 11:28 AM
    It's possible but you are likely to have high interest rates and will require a large deposit.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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 5th Oct 17, 11:29 AM
    • 15,912 Posts
    • 8,152 Thanks
    ACG
    • #5
    • 5th Oct 17, 11:29 AM
    • #5
    • 5th Oct 17, 11:29 AM
    3 years discharged, so September next year and there are high street options - subject to passing the credit check.

    There are 2-3 lenders now who would consider you but rates will be higher.

    In either case, you will likely need a minimum 15% deposit but possibly as high as 25%.
    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.
    • chev chelios
    • By chev chelios 5th Oct 17, 12:43 PM
    • 26 Posts
    • 0 Thanks
    chev chelios
    • #6
    • 5th Oct 17, 12:43 PM
    • #6
    • 5th Oct 17, 12:43 PM
    3 years discharged, so September next year and there are high street options - subject to passing the credit check.

    There are 2-3 lenders now who would consider you but rates will be higher.

    In either case, you will likely need a minimum 15% deposit but possibly as high as 25%.
    Originally posted by ACG
    We want to wait until next year and save up a bit more. We should be ok for 25% deposit. My own CS in very high, my wife's although it rose recently, not so much (560 on Noddle, 305 on Clearscore). She did get approved for a Capital One CC (£200 limit) and a contract mobile phone.

    Anything in particular that we can do now and in the future to help our chances of passing the credit check? And who would be the best (most likely for a positive outcome) high street options?
    • ACG
    • By ACG 5th Oct 17, 12:56 PM
    • 15,912 Posts
    • 8,152 Thanks
    ACG
    • #7
    • 5th Oct 17, 12:56 PM
    • #7
    • 5th Oct 17, 12:56 PM
    Dont apply for too much credit, enough to show you can keep an handle on it but not too much to look like you are taking out loads.

    Ensure ALL payments are on time.

    And to be honest, it is just a case of time being the greatest healer.

    I can not name the lenders as we do not have enough information to go off plus a lot can change in a year and also its not great business practice to be telling people things that keep us in business. KFC have their secrets, we have ours :P
    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.
    • chev chelios
    • By chev chelios 10th Oct 17, 9:50 AM
    • 26 Posts
    • 0 Thanks
    chev chelios
    • #8
    • 10th Oct 17, 9:50 AM
    • #8
    • 10th Oct 17, 9:50 AM
    Thanks, one more thing though.

    Apart from applying, is there any way to know if we will actually get the mortgage?
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