Credit Rating

philnicandamy

well...just a few thoughts from past history...

Chances of a mortgage 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.

remember though with the current financial state of the country even with a perfect history, a deposit of 15% is still going to result in an interest rate of 5% or 6% or more

Jessica23_2

Ironic that I cant even open an ISA to start saving for that deposit! I dont get why you cant open a savings account, its not like I want credit? I can get an ISA with Nationwide I think but its a really bad rate, again another reason why I would like to get my file sorted so I can get a decent ISA and savings rate. Thats interesting re the lenders and time periods, thanks for that, I find it ironic that bankrupts who now have no debt get rubbish rates when actually we are the ones more likely to now be able to meet the payments due to no other debt!

fiveyearplan

There was a recent poster who managed to get a mortgage and I don't think it was hefty deposit or high interest. I can't remember who it was though!

tigerfeet2006

The Yorkshire Building Society will offer you an online savings account. I also think that Sainsburys does to.

The Co-op will give you an ISA.

Jessica23_2

That sounds promising! if you remember please can you post it on here for me?

Jessica23_2

Hi tigerfeet, ive looked at the co-op isa and might try and open one of those, but again they are really lousy rates But i suppose its better than nothing!

fiveyearplan

Yes, I will. I just had a quick look but couldn't find it. I remember it though and am sure it had 'mortgage' in the title of the thread - thats where I just looked and 10 pages came up! The reason I remember it is that I made a mental note to go back to it so I could pm the poster to see who the mortgage was with and for more details.

Jessica23_2

Thanks that would be great, I also had a look on the credit card forums and found some usefull stuf about which lenders use which creidt agencies so Ive been trying to use that to my advantage as my credit file with equifax isnt to bad.

stressed15

Hi Philnicandamy

Can you just clarify the mortgage info that you've given. BR lasts for 6 years on the credit file, but 6 years from the date of BR, rather than the date of discharge. You are suggested that it is 7 years from the date of BR before it wouldnt be assesed when trying to obtain a mortgage, is this right? (ie ur saying it would be 4 years from the date of BR, 1 year of BR, then 3 years after discharge before you get to your 3-6 Years info youve given on mortgages) ????

fiveyearplan

BR stays on your credit file for 6 years from bankruptcy date (not discharge).