Mortgage after bankruptcy?

purple-pear

Please can anyone advise who has already gone BR or going BR how long it actually takes before you can start again effectively? People seem to say different things obviously people arent let off lightly however I am now 30 and would like to think if I go BR that I could start again in the next 6yrs but is that unrealisitc? My partner says he knows someone who went BR 10yrs ago and still cant get any credit let alone a mortgage. Now I wouldnt want credit again but I dont want to be renting forever I would like to save and start again. Would this be possible?

Merry_Gentry

Hi Purple-pear. Your bankruptcy remains on your credit file for six years after you are discharged. Once you have been discharged, you can clean up your file but the actual notice of bankruptcy will stay there. However, it stays on the London Gazette site for eternity, and if you are ever asked on any forms if you are/or have ever been bankrupt you have to say yes.

As for a mortgage, yes it is possible but you would need a humungous deposit, would probably need to be prepared to pay an extortionate APR, and unless things have picked up 'credit crunch' wise, you'd have a hard time finding someone prepared to lend to you.

keepmyhouse

As a broker at one time, I have obtained mortgages for newly discharged BR's, but im afraid them times have gone, it might get better, but it is truly uncertain, its true you would prob need a 25% deposit, for information try BM Solutions, (part of Halifax) they are still advertising sub prime mortgages, whether people are getting them are another matter!!!!

Take Care x x