Bankruptsy, repossession and new mortgages

gmt0587

Hi all

After being declared bankrupt 4 years ago my new partner and i applied for a joint mortgage and unfortunately were turned down. I informed the company about me being made bankrupt prior to the application but not the repossession as i didn't think it had any barring. BTW they had previously stated that my bankruptcy wouldn't be a problem.

1. How long will it take for the bankruptcy to disappear from my records
2. Will i still be able to get a mortgage as we have made an offer on a house we like and can easily afford to pay the mortgage

Many thanks in advance for your help and advice

Gary

silvercar

1. 6 years
2. Depends on the lender, some lenders ask if you have ever been repossessed and won't lend to those that have, others are more flexible.

I would suggest using a mortgage broker that is whole of market and fee free. The last thing you need is to have too many credit checks on your file by making lots of applications. (Second option is to post on the mortgage board.)

To add, even when the repo drops off your credit record, you can't deny the repo if asked in your application. To do so would be fraud, obtaining money by deception and risk a criminal conviction.

gmt0587

Many thanks Silvercar, i will repost on the mortgage section. Our mortgage adviser is looking into things as we are trying to avoid pulling out of the house we are trying to buy. If it means paying a higher monthly fee for a couple of years so be it. However if we cant get a prime mortgage for quite a while we may as well save as much as we can and move at a later date.

Gary