Will I ever....

Thompson24

hi guys

will i ever be able to get a mortgage again. Ive had my own house for about 7 years, however last year i was running my own business which went bust, i lost it all and had to voluntary hand back the keys for my mortgage property.

After 7 mths of bankcruptcy I was discharged as it was shown It was more the franchisee company who forced us into a corner and personally had hardley any debt. I was discharge in Feb this year early. Ive just opened my own business as a partenership three weeks ago and currently in a private rented house £550 a month.

There is a few houses round here going for £40k-£90k and wondered if i would ever be able to get a mortgage now? I have a 5% deposit saved up and between myself and my partner are taking home approx £2000 a month wages.

Would i ever get approved now?

We would even consider the house being in one of our names if it ment we could get a buy to let mortgage and then the other partner being a tennant?

Dan_1976

Well if things improve within the economy you may be lucky in 2-4 years but I would plan to be renting for at least 6 years from discharge.

If your not married you may get away with a sole named mortgage. Issue you may have is the financial link on your credit file. You will have to prove that he/she is moving in alone. If your not married this is a little easier, not sure about 2010 though.

On the positive, who pays when your boiler goes!!

property.advert

In finance terms, you are a lead weight and the fact that you actually defaulted on your property is a big no no with the banks. They care about CCJs but they are heavier on people who didn't pay back their mortgages. I've been speaking to some and advisors this last month or so.

Get your partner separated from you. Don't even appear on the electoral roll together. She can buy a place and the laywer, but not the lender can know that XYZ of the deposit is being paid by you and that all future bills will be shared, including half the mortgage.

I asked an advisor about a 4 year old charge on a property (I said about 10k) and they said that if I had 25% and all the other things were ok, then I could get near market rates and remortgage in 2 years with a clean record. I'm not at that position but it was highlighted that BR and mortgage default were far more troublesome than some credit card debt.