shared equity rent to buy

kookywooky

Does anyone know about these scheme's and if they are sympathetic towards bankrupts?

We are thinking about looking into something like this as we are paying well over the odds for a private rent and at our age (50+) can't afford to take on a full mortgage.

The social/council housing won't entertain us as we have no dependents etc.

We just want a place where we can call home and start to put the past years of worry and stress behind us and start living again. I don't think you can ever really make a private rent your own place or feel safe and secure.

We are both in employment and can afford to save a decent deposit.

Any advice would be most welcome.

Thanks in advance.

curly04

are you dischared yet?
Its going to be hard to get any kind of mortgage until the BR has dropped off your credit file

kookywooky

Yes, it's my husband who was bankrupt and was discharged last month. (Scotland)

kookywooky

I meant to ask, how long does it stay on credit file? Would the mortgage lenders not take into consideration things like, reason for bankruptcy, how long employed with company etc?

curly04

It stays on the credit file 6 years
Now he is discharged in about 3 months he should start cleaning up his credit file - there is a sticky on the front page saying how to do this, and giving some draft letters.
Mortgages are very hard to get at the moment even for people who don't have any debt problems, but there could be someone out there.
i've heard that you could need a 50% deposit and then interest rates will be very high.

Sorry if this is bad news

Curls

kookywooky

Not great news no, but thanks for responding.

Fingers crossed something will work out.