Is there Mortgages after BR?

PigSick_2

I just wondered what anyone's experiences of trying to get a mortage after BR are? My Oh was made bankrupt a year and a half ago and discharged earlier on this year. We managed to keep the house and I bought out his share of the equity. We both work full time and I would think our house is worth either the value of the mortgage or even under that now. We're of the opinion that it might be best for us to sit tight for another couple of years to allow us to at least to clean my oh credit score and also build up some equity in our property?

Any information greatfully received!

philnicandamy

Before discharge - none

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