we need a mortgage but we are STILL BANKRUPT

stintond

Hi
We are due to be discharged soon(hopefully) , went bankrupt in January , but the landlord wants his house back soon , we saw a house we really want ,only 70000 , we could easily afford the repayments.
I know it is a long shot but are there any companies out there that could help us get a mortgage. We pay 550 rent and have never missed a payment in ten months

nervousmother

Your best bet is to see a broker to see what and if he can find you one, I will warn you though you will probably end up paying some stupidly high interest rate and thats if they are able to find you one at all

About_Time_3

I would imagine your OR would be concerned about where your deposit was coming from.

stintond

yes ,thanks for the replies , would I be able to borrow from a relative , if they would lend it to me?
:rotfl:

fiveyearplan

Yes you would be able to borrow the money from a relative. The only restriction about borrowing over £500 is you have to inform them that you are bankrupt.

Teenie_D

Hi! We looked into buying a house a couple of years ago (2 years after discharge) and our advisor, having looked into it thoroughly told us that we would need a minimum of 10% deposit and the interest would be a lot higher than normal. At the time we just had to give up as we couldn't compete with the market and we are still renting. I used to find it so frustrating as we have been renting now for 5 years, but we have come to terms with it (no boiler repairs if things go wrong or plumber bills when the shower doesn't work lol!!!)

Good luck you never know things might have changed.

DEBT_23

I suppose thats the mess im going to have. i went BR in march and able to keep house.. im going to struggle in the next 6years changing over to a different lender.....it aint gunna happen :-(.

So_Sad_Angel

Hi stintond

Is there a relative/aquaintance that is willing to purchase the house on a BTL (buy-to-let) basis & rent it on to you.

I have facilitated deals such as this many times in the past where my clients have not been able to qualify for mortgages. Tbh the high interest rate options make it unviable really at the moment for you to do a mortgage yourselves....if indeed you would qualify anyway.

Be careful though as some BTL lenders forbid the owner to rent to relatives.

Just something to consider.

Angexx

stintond

So_Sad_Angel wrote: »

Hi stintond

Is there a relative/aquaintance that is willing to purchase the house on a BTL (buy-to-let) basis & rent it on to you.

I have facilitated deals such as this many times in the past where my clients have not been able to qualify for mortgages. Tbh the high interest rate options make it unviable really at the moment for you to do a mortgage yourselves....if indeed you would qualify anyway.

Be careful though as some BTL lenders forbid the owner to rent to relatives.

Just something to consider.

Angexx

Its a great idea but , I'm not sure anyone would do that for me and like you said , It's a lot of hassle , it's just that we saw this cheap house (69000)that we know we could afford the repayments so its a bit frustrating.

stintond

thanks five year plan , teenie d and debt 23 , this is the answer I got , some of them saying you need 30% deposit , obviously if I had 30 % the OR would be a wee bit intrested in it , any way thanks for the replies.