Mortgage after being bankrupt

progress1712

Hope so one can help.

I have now been discharged from bankruptcy for a full year and I would very much like to get back on the property ladder instead of paying rent. Does any one on the forum have any experience of obtaining a mortgage after there bankruptcy ended?

So far I have approached the Chelsea Building Society after reading on another forum they can cater for discharged bankrupt but got turned down flat I really need a 95 % mortgage if possible.

My credit files show my Bankruptcy as discharged my two CCJs as satisfied and the defaults from my creditors in the bankruptcy as settled.

I have in the passed had a mortgage with northern rock which to the cost of my other creditors I never missed a payment. We sold the house to use the equity to pay as much back as we could just before we were made bankrupt.

If any one has had a good experience either direct with a lender or a broker I love to hear from you…………..Regards Prog

HelpWhereIcan

There are a few lenders that may well do you 95% after being discharged for 1 year. You would really need to talk to a whole of market broker who will not take the proverbial and charge a £1000 plus fee. This is a specialist area and one that requires experience of the market on the broker's part. I say this because, as well as the questions that Martin says to ask, I would ask them how often they manage to place someone with previous credit problems with a high street lender.

They will be able to look at all of your circumstances and place you with the lender most appropriate for your needs.

stanmoresaver

HelpWhereIcan wrote:

There are a few lenders that may well do you 95% after being discharged for 1 year. You would really need to talk to a whole of market broker who will not take the proverbial and charge a £1000 plus fee. This is a specialist area and one that requires experience of the market on the broker's part. I say this because, as well as the questions that Martin says to ask, I would ask them how often they manage to place someone with previous credit problems with a high street lender.

They will be able to look at all of your circumstances and place you with the lender most appropriate for your needs.

I endorse whole-heartedly what HWIC says-
However- i wouldn't get to hung up about a fee level- this are is where a % of the loan is appropriate as the benefit is related to the size of the loan.

If a broker can save you 1-1.5% on your interest rate, and immediately "washing machine" your credit rating by giving you the kudos of having a new mainstream lender-that's got to be worth paying him for- and a higher fee, no matter what the "ideal worldists" might like to think, will focus the mind!

SS

progress1712

Could you chaps point me in the right direction gjb1712@fsmail.net

Thanks