Mortgages and Bankruptcy???

macka09_2

Hi all

I just wanted to query where I would stand if I filed for bankruptcy but wanted to get a mortgage in the future? The reason I ask is due to me having outstanding debt but me and my partner are looking at buying our first property but I fear my debts are going to hinder us quite bad.

opinions4u

It would make getting a mortgage extremely difficult.

Time and a big deposit will change the word "extremely" to "quite".

_Andy_

How much deposit do you have saved up?

macka09_2

not a penny at the moment

Caz3121

If you do decide to go down the bankruptcy route you should be aware of all the future implications, it is not simply a clean slate, all debt wiped out and ready to build up more, you will be limited in financial products and it could be years before you could have anything other than a basic bank account. - have a look over at the bankruptcy board

Given that you will also need a large % deposit it could be years before you are in the position to buy unless your partner can purchase on their own.

(even with no debt problems you would need a minimum of 10% depost and more likely 25% to get a decent rate)

Dan_1976

Your credit file will show your BR for 6 years from discharge assuming you dont have any restriction impossed by the OR.

3-4 years ago if you had 20-30% deposit you could get a day one discharged mortgage!!! These days you will find things very different.

You will have to come to terms with the fact that you may not be buying for a few years. Some lenders will look at the reasons why you went bankrupt and use a bit of common, but it is 2010!

You can save lumps while bankrupt so you will be discharged and probably not have any large amount for a deposit.

For more info go over to the living with bankruptcy forum.

happy09

I am hoping to get a mortgage with my partner, i was discharged Oct 09 we have got 50% deposit to put down do you think it will be possible to obtain a mortgage ?