BR and future mortgage??

cloverfan

I am pretty certain that I am going to apply for BR many thanks to people who have already offerred help and advice with my other questions! Just wondering if people know would I be able to get a mortgage in the future? thanks

cloverfan

On the soa form after posting it onto here I clicked on the minimum payment calculator and it said they could not do it as i do not have sufficient funds to meet minimum payments

So I guess it means I am looking at BR after all

Bethankim

Hiya,

Its possible, although you would need to have saved a decent deposit and the interest rate is likely to be high.

especially in the current climate, your unlikely to find a high street lender, i do wonder though if that might be different in a few years time.

unless you have an amazing deposit of at least 50% before your 6 years are up then i doubt you would get one. although i havent looked into it.

personally i have no wish to ever take out a mortgage but thats just me, i calculated i could save more by not doing it and save for my old age and have more cash than it all tied up in bricks (but thats just me)

Pee

My understanding is that it affects your credit rating and means that for a certain period, maybe three years, you wouldn't get a mortgage and after that for a few years more you would only get a "sub prime" higher interest one.

That said, mortgage providers do seem to be tightening up and I have to say if I was in charge of credit control, I wouldn't be overly keen to lend to people who had gone bankrupt for several years as I would see them as a bigger risk. (I'm sure the truth is some people would be much less likely than the norm to go bankrupt again and some people much more likely.)

inked

I managed to get a mortgage the same year as my automatic discharge (after 3 years for me) witha sub-prime lender, and now after 5 years managed to get a mortgae with Halifax.

I would think that it will come down to more than just the fact that you have been bankrupt, I was lucky enough that my girlfriend (now wife) was able to put a deposit or 20% towards our first mortgage.

cloverfan

Thanks for your comments i would be looking to consider one in maybe 10 or 12 years time certainly not for a while!! maybe not ever i just want to have my options open by knowing all the facts lol :beer:

tigerfeet2006

In the present climate it would be fairly impossible to get a mortgage. When the BR drops off your credit files it will be much easier though you still have to declare your BR if you are asked and the mortgage co. checks. They are also asking for very large deposits at the moment 20-30%+

Clover if you are looking at that far in the future I would suggest you start up a deposit fund. Maybe take part in some of the challenges on the DFW thread (there is a sticky so you can see what there is). Things like the Sealed Pot challange are good, I opened my jar in the holidays and had £50 in there from just putting small change in there over the last year.

cloverfan

excellent idea tiger! thanks :T

philnicandamy

tigerfeet2006 wrote: »

In the present climate it would be fairly impossible to get a mortgage. When the BR drops off your credit files it will be much easier though you still have to declare your BR if you are asked and the mortgage co. checks. One thing to also remember....the mortgage companies DO have access to insolvency service records so even IF you said you'd never been BR they will always check... They are also asking for very large deposits at the moment 20-30%+

Clover if you are looking at that far in the future I would suggest you start up a deposit fund. Maybe take part in some of the challenges on the DFW thread (there is a sticky so you can see what there is). Things like the Sealed Pot challange are good, I opened my jar in the holidays and had £50 in there from just putting small change in there over the last year.

Just a little addition...