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Bankruptcy Mortgage
mad1son2
Posts: 10 Forumite
Dear All
I was made Bankrupt 3 years ago and would now like to buy our council house, what would be the best way of setting our plans in motion?
Many thanks
Andrew
I was made Bankrupt 3 years ago and would now like to buy our council house, what would be the best way of setting our plans in motion?
Many thanks
Andrew
0
Comments
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Time machine?The only place where success comes before work is the dictionary…
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Are you employed and on a decent salary? Do you have a substantial deposit? Have you budgeted for maintenance and insurance as well as mortgage?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Speak to a mortgage broker who will know if it is possible. This will depend on your credit history and current income as well as the size of your deposit. The number of lenders prepared to give you a mortgage will be more limited and the interest rate charged will be above the norm. That said, if you are getting a hefty discount on the market value it could prove worthwhile. As you have a secure tenancy, is there any reason why there is a rush to buy? You may be better off continueing to rent for a few more years and get a mortgage at a better rate.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Do you ever think you'd get in the same mess again? If so, don't gamble your council house security away.0
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Some questions
Where were you living when you were made bankrupt?
Did the council rehouse you after losing another property?
Did you include any rent arrears in your bankruptcy?
Have you previously bought through the RTB?0 -
I was living in a rented property when i made myself bankrupt, the house is in my girlfriends name and i am now living with her.
There was no rent arrears in the Bankruptcy and i haven't used the RTB before.
My plan is to buy our 2 bedroomed house and to build a extension to make it into a 4 bed.
Many thanks
Andrew0 -
why do you want to get in loads of debt again? Why give up a secure tenancy for life - you / your gf would lose the house if you failed to keep up the repayments - does she have children? Would you get planning permission anyway for such a big extension? Is the tenancy your gf's as opposed to yours, and if so what does she think of all of this? Do YOU have the right to buy, if she is the legal tenant?
I am not being rude, these are questions you need to be asking yourself (and so does your gf).0
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