mortgage after BR

Purplekylie22

I am 22 and going bankcrupt. I have two kids and at some point in my life would like to own my home.
Doesany one here have any sucess stories of getting a mortgage after bankcrupcy? I could dovwith a happy ending...

skylight

Yes you can - but obviously not straight away!

Your BR remains on your credit file for 6 years and in that time getting a mortgage is not impossible but your interest rate may be higher than usual. After 6 years then things should be AOK.

But with all things in this credit climate, a massive deposit is going to go a long, long way and is likely to be that way for some years!

Dez-Titute

Hi Purp,

It's certainly not impossible but current climate would suggest that you would not be top of the list for a mortgage and certainly not at a competetive rate.However on the brighter side in years to come depending on various factors there could be hope.These factors would include your OH and their salary,credit rating etc maybe they could get a mortgage in sole name.
At the moment would'nt get to worked up about the future and concentrate on the present.


Take care DEZ

tigerfeet2006

Also while you are waiting to buy your house then why not start a 'house deposit ' fund, so you have a good fat deposit to put down.

DEBT_23

good to know... giving that im going BR and leaving my house/mortgage behind after owning since 18
stilll cheap rent and no debt i shouldnt struggle to save a deposit fund !
good luck all .

Purplekylie22

tigerfeet2006 wrote: »

Also while you are waiting to buy your house then why not start a 'house deposit ' fund, so you have a good fat deposit to put down.

That wasmy plan. I am doing bankcrupcy now, so If Isave £50 a month for the next 7 years and extra when I can afford it, I should have saved a £5K deposit, which might not be much, but its more than I would have managed other wise.