mortgage for ex bankrupt

jeanie49

Hi, I have just come out of bankruptcy and my mortgage company will do a deal on my mortgage if I can get another mortgage lender. I am self employed and was bankrupt for last year although it remains on my file for 6 years. Any idea how I can get another mortgage?

rizel23

I would try here, although rates will not be competitive;

http://www.reallyhelpfulmortgages.co.uk/

ACG

I would get a copy of your credit report and take it to see an mortgage or financial advisor.

Their are lenders who accept ex bankrupts as soon as theyre out of bankruptcy (depending on credit score) but not many.

Dave_Ham

I deal almost exclusively in adverse credit and putting together awkward cases.. I would not fancy your chances at all...

Would the lender make the same dispensation to you if you sold the place?

The_J

If Dave Ham says no, you know you're screwed.

I would agree with his assessment. Actually a bankruptcy stays with you forever, it's not like a standard credit agreement. Some lenders will never lend to you now.

rizel23

The_J wrote: »

If Dave Ham says no, you know you're screwed.

I would agree with his assessment. Actually a bankruptcy stays with you forever, it's not like a standard credit agreement. Some lenders will never lend to you now.

That is not correct, if it was how do you the 100K plus people a year going bankrupt carry on their lives? It will completely drop off your credit profile after 6 years leaving no trace. Although placed on the insolvency register, once discharged you 'should' be removed within 3 months, but having talked to people whom have been in the position some had to wait up to 10 months.

Anyone saying you will 'defiantly not get a mortgage' is not giving you the whole picture or market view, sure you will need decent deposit or equity and the 'common' rates' will not available, ring the number in the link i gave you, Elaine is beyond knowledgeable as this is her specialist field.

Dave_Ham

rizel23 wrote: »

That is not correct, if it was how do you the 100K plus people a year going bankrupt carry on their lives? It will completely drop off your credit profile after 6 years leaving no trace. Although placed on the insolvency register, once discharged you 'should' be removed within 3 months, but having talked to people whom have been in the position some had to wait up to 10 months.

Anyone saying you will 'defiantly not get a mortgage' is not giving you the whole picture or market view, sure you will need decent deposit or equity and the 'common' rates' will not available, ring the number in the link i gave you, Elaine is beyond knowledgeable as this is her specialist field.

Rizel - you are actually starting to quite annoy me now..

With some intelligence, re-read my post

What I said is within a year of bankruptcy, it is incredibly unlikely - not never.

I have got more ex-bankrupts mortgages than most, just prepared in the right way and presented to the right lender.

Good luck

rizel23

Dave_Ham wrote: »

Rizel - you are actually starting to quite annoy me now..

With some intelligence, re-read my post

What I said is within a year of bankruptcy, it is incredibly unlikely - not never.

I have got more ex-bankrupts mortgages than most, just prepared in the right way and presented to the right lender.

Good luck

I have zero interest if I annoy you or not, i was not even quoting your post, please look again yourself.

I'm simple giving the OP an informed contact who should beable to help, i'm not in the business of trying to upset the OP with quotes such as "I would not fancy your chances at all..." when there clearly is people out there who can help and that is what the OP is after. If you apparently specialise in this field you should know better than I that there is products out there for the OP.

antrobus

rizel23 wrote: »

That is not correct, ...

Actually, it is correct, a bankruptcy does stays with you forever. The details will be there in the London Gazette (or the Edinburgh or Belfast equivalent depending on your jurisdiction) for everyone to see, and is therefore a matter of public record. Besides which, of course, many lenders will ask the question, 'have you ever been made bankrupt etc'?

Some lenders simply don't lend to former bankrupts. Others do. It's just the way it is, but life goes on.

Dave_Ham

There is not a lender that will lend this close to bankruptcy on the terms provided.

As I originally requested, would the discount still stand if OP sold to a family member? What purchase price as then Stamp Duty is a factor? Looked for more information rather than just dampen spirits.

The types of company that will talk to the OP will have stupidly high fees, limited morality and play on OP's position for financial gain. There is no magic wand or lender that will deal with this.

Yesterday you wanted mortgage advice for a most simple reason (and easy to come by if you had no carried yourself in such a way) and today you are now an expert on the back of one pm and conversation with someone you had never even met previously.

OP - take some qualified advice on this one

rizel23

Dave_Ham wrote: »

There is not a lender that will lend this close to bankruptcy on the terms provided.

As I originally requested, would the discount still stand if OP sold to a family member? What purchase price as then Stamp Duty is a factor? Looked for more information rather than just dampen spirits.

The types of company that will talk to the OP will have stupidly high fees, limited morality and play on OP's position for financial gain. There is no magic wand or lender that will deal with this.

Yesterday you wanted mortgage advice for a most simple reason (and easy to come by if you had no carried yourself in such a way) and today you are now an expert on the back of one pm and conversation with someone you had never even met previously.

OP - take some qualified advice on this one

I have never once said anywhere I had in-depth knowledge of mortgages, I'm just a very quick learner.

In the case of the OP I would agree with Dave Ham on this particular occasion, do seek proper advise.

I think some members on here do not understand the severity of the OPs situation, it sounds as if she needs to re mortgagee or loose the home, in which case a few years of paying over the odds will ultimately be worth it.