Buying a property when bankrupt?

bluejulie

I was made bankrupt because of having joint accounts (unpaid credit cards/loans) with my ex-husband nearly four years ago.
My ex kept the house and he lives in the property and pays the mortgage but my name still appears on the mortgage account. I asked him to transfer the property to his name only (he is not willing to move out) and he promised to do so in the next couple of months.
Would I be able to get a new mortgage now and buy a property or I better wait until the 6 years are past?

skylight

You are better of waiting and spending between now and then saving a massive bucket load for the deposit; as an ex-BR you are going to need far more than the average "normal" purchaser.

Getting a mortgage will be tricky but not impossible. You may find you are offered a higher interest rate as well.

bluejulie

Hi and thanks a lot!

I thought after the 6 years my status will be cleared and the banks won't mind but I guess it won't be that easy.

skylight

Your BR wont be on your credit file, certainly. But almost all applications ask the "have you ever been BR" question and they do check against the gazette where it will be listed for eternity. The longer after BR the better as they will start to disregard it over time.

But even people with great credit are finding it difficult to finder lenders at the moment. As a BR our chances are certainly diminished!