ex bankrupt mortgage

tricklesthegreek

Hi,
Not sure if this should be on the BR boards or this one as it's about mortgages. My fiance and I (well we will be married by the time we can afford it) want to buy a house. By our reckoning it will take us about 3 years to save up around 25k unless a job situation improves. This ties up very neatly with being 6 years from going bankrupt, henceforth it 'drops off'. I have cleared my credit rating and run all accounts in good stead, in fact I am rather a stooge nowadays and bankruptcy was due to some poor judgements regarding an ex a few years back. My fiance has a fair credit rating and it must be improving as he has just been accepted for a credit card which he is using to buy petrol once a month and pay it off to build a rating as he's never had credit before.
My question is - by the time I get to the six years, will I be entitled to look at 'normal' mortgages as my fiance and I will be buying together as a married couple, or will we still have to knock on the subprime lenders doors. We don't intend to try to buy before this point as we will not have the deposit saved and I know the more deposit we have the better chance we have and also the less our mortgage will cost each month!!
Thanks and appreciate any thoughts from mortgage people or indeed from discharged or ex bankrupts.

holly_hobby

Its not quite a simple as that unfortunately.

Whilst it may be removed from your std Credit Record - any financial application shall ask the q if you have even been declared bankrupt (regardless of how long ago that was).

Of course, as you have, you shall have to delcare this at application stage.

The degree to how this may affect any mge application, will depend upon the period since discharge/satisfication of the Bankruptcy order, how much it was for, the amount of deposit, and how you have handled your financial affairs since discharge.

A visit to a whole of market broker will save you the legwork, they will determine which lenders consider discharged bankrupts, and their LTVs and general criteria for such clients.

Hope this helps

Holly