how to get a mortgage after bankruptcy

Rrushi_Shqiptar

Alan_M wrote: »

The technical term you are looking for is "asset after the event".

There is a 36 month period post BR (not discharge) in which the OR can investigate any assets which you have aquired. It is up to you to prove that none of these assets existed pre BR.

Once beyond that 36 month period you're free and clear.

If the OP was was BR in 2005 then anything beyond 2008 is free and clear.

If the OP claimed back the PPi after this three year period, it doesn't fall into the category of assets after the event.

MMMM very interesting I will have to have a look into this. Thanks for the information, always held back thinking it goes to the OR.
He has told me he has no more interest in my affairs now as well

caz2007

For anyone thinking of getting a house if u have a geni gen too scheme in your area they will offer u a house to purchase shares in and u own it after 25-30 years.. We were discharged April this year n now are in process of getting this property which is great security n we will own £15,000 of it in 5 years so we can sell n claim this n use as a deposit on another house.. There is life after BR

Trekye12

Our situation is as follows.. My partner is 3 years post bancruptcy release & we are on the hunt for a mortgage! We've found a property we like, have a 25% deposit, leaving us needing a loan of £127500. My partner is a Director of a Ltd Company, and has an income of £39,000/yr. From looking at this forum, we believe there are lenders out there, the only issue we have is that the house we like, is Affordable Housing. We understand this May lessen our chances of getting a mortgage with most lenders. If anyone has any information on this subject which may help us, it would be greatly appreciated. In the mean time, we will begin phoning through the list of lenders!

pjc402

I've only just been discharged from Bankruptcy but thanks to family I have about an 75% deposit and only need to borrow about £13500

Now I don't have a well paid job and I've been working there about 10 months, I'm on about 19k per year but the mortgage repayments are probably going to be under 100 a month.

Do you think it is likely i could get a mortgage any time soon or will I have to wait until I can save 13500 which could take some time!

jonesMUFCforever

pjc402 wrote: »

I've only just been discharged from Bankruptcy but thanks to family I have about an 75% deposit and only need to borrow about £13500

Now I don't have a well paid job and I've been working there about 10 months, I'm on about 19k per year but the mortgage repayments are probably going to be under 100 a month.

Do you think it is likely i could get a mortgage any time soon or will I have to wait until I can save 13500 which could take some time!

A lot of lenders will not look at mortgages under £25k and banks will not lend you money to purchase property on personal loans.
Go to a broker who may advise you to get a mortgage for £25k then pay back the surplus.

pjc402

That sucks. So basically being responsible and getting access to a decent amount of money for a property actually penalises you.

Rrushi_Shqiptar

The_Lorax wrote: »

You too can get a mortgage after bankruptcy. Final tip here if you owed a lot of money when you went bankrupt you probably had PPI. I had a loan from my bank pre BR which they said I had to take out PPI for or they wouldn’t let me have it. When I complained to the Financial Ombudsman I got £3,000 back which enabled me to replace my car when it died without having to borrow money.
So rule one, sort your life out. If you haven’t done this, don’t even bother with the rest.　
　

Thank you for the post Lorax but I am not sure the above quote is correct having read Fermi's posts and those on this site.

I am 29 days away from my 6yr BR date and all being cleared and you think it's acceptable to start claiming any PPI back almost 3yrs ago, I was under the impression the OR and poss the IP will want that money if any recovered.

Am I right or wrong...anyone help?

Rrushi_Shqiptar

pjc402 wrote: »

I've only just been discharged from Bankruptcy but thanks to family I have about an 75% deposit and only need to borrow about £13500

Now I don't have a well paid job and I've been working there about 10 months, I'm on about 19k per year but the mortgage repayments are probably going to be under 100 a month.

Do you think it is likely i could get a mortgage any time soon or will I have to wait until I can save 13500 which could take some time!

Surely nobody will touch you while you have the BR on your file, and if you did surely the property could be retrieved by the IP if they find out and sell it?

alltaken

Rrushi_Shqiptar wrote: »

Surely nobody will touch you while you have the BR on your file, and if you did surely the property could be retrieved by the IP if they find out and sell it?

What makes you say that?

Cobalt77

alltaken wrote: »

What makes you say that?

If you check his post history, Rrushi Shqiptar seems to be making quite a few rather illogical posts recently.