Mortgages after BR What deposit what rates??

dickoa

Hey there just a general question to be honest does anyone have any info on what type of mortgage rates are out there for past BR's also what type of deposit will be required?? I would also like anyone who has any brokers or knows of any to give me a PM with there details so i can try and get a good dam mortgage not looking forward to the replies to be honest i imagine a 40% deposit and a rate of around 10% oh well

Thanks
Alot

philnicandamy

After discharge years 1 - 3 - There are currently two lenders, both of whom require a deposit of 50% or more, and both will charge in excess of 10%.
After discharge years 3 -6 - A number of lender will consider and application, but that doesn't mean acceptance. Minimum deposit 25%, interest rates the same as they offer to the market at large.
After discharge years 6 and over - Quite a number of lenders will consider with a minimum deposit currently of 15%, and interest rates the same as for non-discharged bankrupts.
Even with a perfect history, a deposit of 15% is still going to result in an interest rate of 5% or 6% or more

dickoa

So after the six years your in the same boat as everyone else except for the fact you would require a 15 % deposit so this aint going to be easy then? Guess i need a lottery win or something to that effect but six years aint that long.

sieve

Don't forget that you'd also need to answer "yes" to the questions "have you EVER been made bankrupty" so it will always have some bearing on your credit worthiness.

philnicandamy

Bear in mind as well....the insolvency hold a database thats searchable to mortgage companies at any time as well (even after you dissapear off the insolvency site)

MicheH

I'm in the same boat as you matey. I want to try to plan for the future but that future is very slowly changing. I know that we will need a hefty deposit because we're always going to have the bankruptcy there. I know that there will be some lenders who won't touch us and I know that we probably won't get a decent interest rate but when you think that our interest rate when we first got a mortgage was nearly 6% well, nothing new there then.

I suppose what i'm saying is that in 6 years we will be in this massive pot of bankrutcies, they'll be thousands of us all casualties of the recession wanting mortgages, we'll also have super dooper credit files and be able to show that even after discharge we havn't touched credit and don't intend to. Lending habits and offers might just change because I guess they do have to reflect what's happening out there.. they'll be missing out on a mass of people who I would think would be more attractive to mortgage lender than those in the situation I was in 5 years ago when I was over the moon to be given 125% mortgage. So so silly on both parts.

I will now settle for a little house that we could get a mortgage for so we would have free reign to turn it into our home. Cheaper, older projects if you like not brand new builds with the big drive to fit both new cars on. You see what i'm saying maybe not cos i've waffled again!) but yes 15% of 195000 is massive but 15% of 80000 isn't too bad. Then most of your income free to actually live. Like my signature ....

satmorningblues

Does this mortgage information include if you get a bro/bru or have you no chance in getting a mortgage again?

dickoa

Miche H

Love the reply its so true just want somewhere small and trashed to bring back to life and make a home love the the signature quote also

"Good things come to those who wait"