Can i get a mortgage?

andy19777

Im trying to get a mortgage, Ive already had one application turned down and so now im with a broker who has said he can get me a mortgage. He wants to first try nationwide as im still in my bankruptcy term until the end of the year.

My situation. Discharged from bankruptcy Nov 2006.
Current earnings 25k plus commision paid 6 monthly of about 2-3k.

House is 140000 and i have a 10% deposit, 15% max if i borrow from parents which they have agreed to do should i need it.

Do you think i will be able to get a mortgage? How do i present my case in the best light to ensure i get accepted?

Dave_Ham

Sorry not sure this is best advice.

Cannot see you getting this at 90% and certainly not from Nationwide.

Cannot see any alternative past Halifax and not even sure they will reach this far....

Have you had credit and managed it well since bankruptcy?

andy19777

I have no debts now, just a mobile phone contract. I did have a credit card but ive paid that off now and closed the account. I did miss 1 payment and was marked as late on my file, but other than that its squeaky clean!

Wh05apk

I think at 90% with a bankruptcy you will have a very low chance.

Be careful, some people may tell you that if the bankruptcy was registered at a previous address, which has not been disclosed, you may get it through, but the bankruptcy will be picked up and declared by your solictor, which will then get likely get the offer withdrawn, which if that happens after you have exchanged could cause major problems, so makesure you declare the bankruptcy on the application.

kingstreet

Full application to Halifax is my only suggested route for this. Agree completely with Dave and Wh05.

Getting a mortgage offer here, isn't a "be all and end all" as it could go pear-shaped when the solicitor does the bankruptcy search if the lender didn't know about it. They often leave this to around exchange of contracts.

Halifax doesn't ask, and as long as the borrower passes the credit score, they won't tip it out at solicitor stage. Might be worth getting a Capital One, or Vanqis card to build score a bit for a few months...

Exercise care with this. If the broker insists on payment if he gets a mortgage offer, not reaching completion will leave the borrower liable for the payment of his fee.

andy19777

I thought he would have found me a more specialist mortgage, which is why im worried its not going to go through with a high street bank. Are there any specialist companies still going that would accept my case.
The advisor im using is a free one and he just gets money at the end of it.

kingstreet

He's trying to get you a high street rate and 90% first. As you need more than 4x income, he's limited to where he can go.

At least you can relax knowing he doesn't get paid if you don't get a mortgage completed.

andy19777

Well my application is being submitted right now. How long will it be until i know if ive got it or not?

Dave_Ham

Who is the application being submitted to?

Assuming it is Halifax you will get an AIP first (soft print) and will get a decision once the full application is keyed.

Are you going broker or direct?

andy19777

A broker, he has sent it to nationwide first. Will i know by the weekend? He said it may take a few days.

Dave_Ham

Sorry - this is stupidity.

I will stand corrected if you get a decent Nationwide rate product, however I do not think you will.

You should find out immediately, but would imagine your broker also knows this is going to decline and wants some time to find an alternative solution - which you have been given...

Honestly - bad call but hoping to be proven wrong