Has anyone tried to obtain a mortgage after Discharge?

fiveyearplan

dvs wrote: »

Not looking good. The Guardian reports today that a woman with defaults on her credit card from 2004 (which has now been paid off) was offered a mortgage with a rate 12.75%, discounted to 10.75% for the first two years. She earns a good salary, was up to date and wasn't a bankrupt. :eek:

Guardian article: Mortgages: How just one bad debt can send your loan chances into freefall.

Thats ridiculous - the woman probably didn't know where to go for mortgage advice. I hope she didn't take out the mortgage.

Alan_M_2

I am a discharged bankrupt, was discharged after 7 months. was approved for a mortgage after a further 6 months with Birmingham and Midshires. This was at 3.19% above base rate.

However, this was for less than 50% LTV and only just over twice my own income which made it a very comfortable.

That same lender now doesn't accept any subprime new business and it is now incredibly difficult to obtain any borrowing with a less than glowing credit rating.

gemma7wayne

My husband has just applied for mortgage been discharged 4.5 years advisor told us we would get it no prob..... Got declined was gutted as she told us she had put thru others only discharged a year and less earnings.

jodenice

I've got a mortgage with accord, at 6.3 (or something), I got it before the debt went off my account - six years but did get a mortgage with someone slightly more credit worthy than myself.

TheLamb33

I have been advised that I would not be able to get a mortgage until 6 years after being discharged and that I would have to put down a large deposit and would have a higher interest rate!!

PixiePie

TheLamb33 wrote: »

I have been advised that I would not be able to get a mortgage until 6 years after being discharged and that I would have to put down a large deposit and would have a higher interest rate!!

But who knows what the market will be like in 6 years time? 6 years ago were they saying there would be a worldwide recession with mass unemployment and record numbers of BRs etc? (Well, if they were, why the heck did they carry on lending like numpties then?)

This was one of my biggest worries about going BR - not the actual shame of it (although that was massive) nor the immediate implications, just the thought that I was ruining my life for ever and ever and ever and never being able to get on the property ladder or have what is considered a 'normal' life in that way. But I lived through BR and discharge, and if/when it gets to the point where me and OH are in a position to be able to think about buying somewhere or moving, then we'll look into then and see. If we can't, we can't - such is life. I'll be disappointed, but hey! Worse things happen at sea, no point crying over spilt milk and all that. I'm hoping we can one day, but as long as you have *somewhere* to live, its not all bad.