Getting a mortgage if Bankkrupt

livvym

HI,

I am a newbie and was discahrged from bankruptcy 2 years ago and have been renting since, i jsut wondered if anyone knows if it is possible to get a mortgage after being made bankrupt and if so can anyone recommend a lender.

fiveyearplan

Hi and welcome. In the past it has never been a problem for a discharged BR to get a mortgage (even an undischarged one if you know where to look!) however in this current banking crisis I'm not too sure how easy it would be.

philnicandamy

The curent climate it'll be very very very difficult....and if you did suceed in finding a mortgage it'll involve a pretty high deposit

MicheH

Does that mean that we might not need to wait the full 6 years to get another mortgage (deposits and financial climate taken into account)

I thought i'd have to wait till my credit record 'fell off'

philnicandamy

Nothing stopping you trying before the 6yr credit file drop off......no guarantee though you'll find a broker that will help either

fiveyearplan

MicheH wrote: »

Does that mean that we might not need to wait the full 6 years to get another mortgage (deposits and financial climate taken into account)

I thought i'd have to wait till my credit record 'fell off'

You wouldn't have had to wait in the past but in this climate I'm not sure but it will depend also on how much deposit you have and other factors too. Have you ever been repossessed? That is actually worse than being bankrupt in the eyes of mortgage lenders.

livvym

Thanks for all your advice.

Our home was not repossesed we sold this 2 years before going bankrupt.

fiveyearplan

livvym wrote: »

Thanks for all your advice.

Our home was not repossesed we sold this 2 years before going bankrupt.

Well thats a bonus then.

MicheH

We're in trouble then because ours will be repossessed.

Oh joy, another worry.