obtaining a mortgage after br

future_millionaire

hi wonder if anyone can help?
after i have been released fron br what are the chances of getting a mortgage i have heard there are some banks that will lend but for a larger deposit if so does anyone have an idea what size deposit they may need

YamahaR6

My partner has just bought a house, he's got an impeccible credit file and every bank seems to want to throw credit products at him (fortunately he doesn't want credit so no worries there!) he still had to put down a minimum 10% deposit though which doesn't seem much but on a £100,000 house you're looking at £10,000! I can't say for sure but I imagine they'd want between 15-20% maybe? Plus your interest rate wouldn't leave much to be desired It's hard for non-bankrupts to get decent mortgages but like everything, this may change once the financial world stablises.

pingu2209

Today even for those who have excellent credit, in order to get the best rates of interest you need at least a 30% deposit if not minimum 40% deposit. If you have a poor credit history you will need a similarly heafty deposit and you will have a high rate of interest, as much as having to pay 7% when others are paying 4%! However, it is not impossible. I would suggest that when the economy recovers (which it will eventually) and the housing market starts to move again then the situation will be better. Nevertheless, that could be years away.

**Patty**

My OH was made bankrupt right back in 2003.......discharged in 2005 and we have recently been told a minimum of 40% deposit with High St lenders.
And that's if you can find one that will even consider a previous bankrupt.