Mortgages post bankruptcy.. Almost...

davebrown

Hi, tomorrow I am finally discharged from bankruptcy.

I want to start looking at what my options are with regard to mortgages, currently I am renting 800 per month but really wish I could be spending that money towards a home for my family.. I cant help feeling its wasted money.

Can anyone advice me taking into consideration my position, since I have a 3 yr income payments order with the bankruptcy I have zero savings towards a deposit, the order swallows up pretty much everything I make.

Is it feasable to start looking for a mortgage now or will I have to wait till I have a large deposit to lay down..

Any thoughts/advice appreciated..

Thanks.

Dave

homer_j_3

It is likely that a deposit is going to be required and I am sure that another 12 months out of bankruptcy would benefit you in term of the kind of deals that are available to you, if not longer...

I understand why you feel the way you do about renting and I guess that you will want to get your life on track asap but I think this is one area you should get it right by getting the right product and not be paying over the odds through a heavily loaded (where they increase the interest rates by a premium over their normal rates) payment because you have only been discharged recently.