how to get a mortgage after bankruptcy

boofle123

Wow!! Thank you Lorax for taking the time to post this..very very helpful indeed!

pip6789

We are currently looking for a shared ownership mortgage 3 yrs post bankruptcy we have a 40% deposit however all the usuals have said No - its so hard at moment most of them on Lorax's original list have tightened their lending criteria

iquit

pip6789 wrote: »

We are currently looking for a shared ownership mortgage 3 yrs post bankruptcy we have a 40% deposit however all the usuals have said No - its so hard at moment most of them on Lorax's original list have tightened their lending criteria

Don't give up. Some people have mentioned going through a specialist broker, this may be your best option as they know the providers likely to be your best shot. Wishing you all the very best.

kezza90

Hi,
I've read this thread which is most helpful, thank you to all for posting your experiences. A couple of people have asked the question about mortgages after reposession as well as bankruptcy and I cant see from the posts anyone who has answered this question (I may have missed this though). Do the 18 companies lend to those who have had a property reposessed? I just want to narrow down my search a bit before I start ringing around.
Thanks

droiderm

kezza90 wrote: »

Hi,
I've read this thread which is most helpful, thank you to all for posting your experiences. A couple of people have asked the question about mortgages after reposession as well as bankruptcy and I cant see from the posts anyone who has answered this question (I may have missed this though). Do the 18 companies lend to those who have had a property reposessed? I just want to narrow down my search a bit before I start ringing around.
Thanks

I had a property repossessed as part of my bankruptcy.
The only lender I could find was nation wide but they "don't normally".
Lenders change their criteria All of the time , this was 6 months ago , but i am moved in now.

Have you cleaned all 3 credit files ?

kezza90

Thanks, so you had a property repossessed and managed to get a mortgage through nationwide, is that right?

All 3 credit files have been sorted so that the correct dates are presented, I'm not sure whether to wait until next year when it will be 6 years since I went bankrupt, then this may be better, do you think?

Does it help if you have a large deposit too? If yes, what LTV?

Thanks

dave_howard_2

Hi, i was made bankrupt in 2006 and the bankruptcy has now dropped off my file (although banks can still find out if you were EVER bankrupt) and i have found that most high street banks do not give mortgages through a friend who works at Santander.
My situation is that i am a council tenant and want to buy my property and i could get a £75,000 discount due to the length of tenancy (26 years).
I have been rent free due to my type of work and have to start paying rent in January after 26 years and a mortgage would be cheaper than paying rent.I would only need about £52,000 approx to buy the property. (worth £135,000).
I think the discount would act as a deposit?
My credit file is very good,and i have 2 credit cards owing £0 on one and £1000 on the other but have paid every month and not defaulted on anything inc phone contracts etc.
Has anyone got any advice for me as i have phoned a mortgage adviser and he said it is possible but maybe harder for a right to buy?
Many Thanks Dave.

jamessmith4152

After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well.


Thanks

dave_howard_2

I've been discharged for 6 years now,(dropped off my credit file about 5 months ago) was bankrupt in 2006.
Its just that i haven't seen any advice on Right to Buy's, discounts,deposits etc.
Thanks.

dave_howard_2

I have found out i can get about £98.000 discount on my council property so only need £40.000. Is there a bank that would give me a mortgage with this in mind?
My pay is £30,000 pa and ive been in the same job for 27 years and have quite a good credit score now only owing a bit on a credit card? (which was just to build up my credit rating)

Thanks