Bankrupt and looking to buy house

magpie85

Hi im new to this and just looking for abit of advice so please be kind.

My partner went bankrupt 2 years ago and has been discharged for over a year. He has been trying to clean up his credit score since. My credit is A1,we have recently had a baby so feel its time to buy a house. However we currently have a deposit of about 5% but with renting etc it would take alot longer to get any more! Me and my partner have a combined salary of over 50k.

Sorry if i sound alittle stupid but what are our chances of getting a mortgage? With myself having good credit will that help in getting a mortgage?
Ive searched the internet and have found some mortgage offers of 90%. does this mean with myself having 5%deposit and possibly buying a newbuild where they offer to pay 5% deposit will this then be counted as a 10%? Apologies if ive completly misunderstood what ive read as im new to all of this.

thanks xx

ILW

Think you will have to wait for the BR to have been discharged for about 5 years before you will be considered for a mortgage.

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