Can I get a mortgage?

holly_hobby

olivia84 wrote: »

this has probably been mentioned loads in other threads but i'm sure i read ages ago that legal and general were starting to introduce mortgages where they don't use carry out a credit check?? they go back to basics and an actual person looks at everything like income and expenditure, ability to pay etc and judges whether you should qualify or not. i think you would need quite a large deposit but it looks like that wouldn't be a problem

A million yrs ago these were called "non status" morgages - no income or validity checks were done, but all documentary evidence had to stack up & the LTV was relatively low - certainly under 75%.

There were only a few lenders who entertained this - I think from memory Bank of Scotland was one - but doubt as part of HBOS and the Lloyds banking group they still do !!!

If there is someone else back in the market, especially after the recent fallout, that is a surprise !! :j

Thanks for posting this up for everyone

Holly

superbabe612

Your credit file will look a lot cleaner 6 years (plus a month or two) after the date you went bankrupt. Following the advice on the bankruptcy forum about cleaning up your credit file: https://forums.moneysavingexpert.com/discussion/677875

Presumably if you were dismissed (discharged?) from bankruptcy in 2007, you went bankrupt sometime in 2006, so you've only got 2 years left before your credit file won't mention any record of your bankrupcty. Use that time to continue saving your deposit, and you should have as good a chance of getting a mortgage (especially with a large deposit) as anyone else.

olivia84

yea it was legal and general from last year - don't know how far it went or anything or if it came to anything but it would be something to think about for someone like me who has awful credit. hopefully more lenders might introduce them.

x

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/7611099/The-mortgage-that-doesnt-require-a-credit-score.html

holly_hobby

superbabe612 wrote: »

Your credit file will look a lot cleaner 6 years (plus a month or two) after the date you went bankrupt. Following the advice on the bankruptcy forum about cleaning up your credit file: https://forums.moneysavingexpert.com/discussion/677875

Presumably if you were dismissed (discharged?) from bankruptcy in 2007, you went bankrupt sometime in 2006, so you've only got 2 years left before your credit file won't mention any record of your bankrupcty. Use that time to continue saving your deposit, and you should have as good a chance of getting a mortgage (especially with a large deposit) as anyone else.

This is a great point to consider with general adverse i.e defaults and CCJs ... but ..

Mortgage wise certainly - bankruptcy is (unfortunately for the individual) a little different to historic Defaults which "fall off" your credit record after 6 yrs, and CCJs which do the same (if the original creditor doesn't apply to the court to get them re-registered).


Bankruptcy in connection with mge lending (or any borrowing in fact) must always be disclosed if asked, as the application will certainly pose the question if the applicant has ever been made/recorded as a bankrupt - there is in effect therefore no "fall off" period for bankrupts, as if any application or document asks this question if must be disclosed, no matter how long ago.

Of course you then give the lender the background, reasons etc ... etc .. obviously the longer ago it happened the better (already touched on in my earlier post).

Hope this helps

Holly