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Mortgage after being bankrupt
progress1712
Posts: 8 Forumite
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
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
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Comments
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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 am an IFA (and boss o' t'swings idst)You should note that this site doesn't check my status as an IFA, 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.0 -
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!
SSI am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
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