mortgage for ex bankrupt

rizel23

antrobus wrote: »

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.

Your second part is correct and I agree.

However i do not agree that it stays with you 'forever' the local papers only print it once that week or fortnightly depending on the paper so its a temporary record for a very minority of the general public in a very, very specific area.

jeanie49

Thanks for all the advice. The mortgage is £500k but the house is worth £600k. The mortgage comnpany have offered us £350k settlement figure. Does this make any difference. I came out of bankruptcy in Jan 2012 after 1 year. Any help appreciated as I am in financial mess!!!!!!!!

Dave_Ham

jeanie49 wrote: »

Thanks for all the advice. The mortgage is £500k but the house is worth £600k. The mortgage comnpany have offered us £350k settlement figure. Does this make any difference. I came out of bankruptcy in Jan 2012 after 1 year. Any help appreciated as I am in financial mess!!!!!!!!

Given the incentive then I understand why you are keen to get this resolved.

I cannot see past you selling to a family member and you can effectively "gift" them the deposit. Obviously you will need a redemption letter from the mortgage company and probably a decent broker to arrange this.

I genuinely do not think on this loan size at this loan to value that you will get in your own name - I would like to be wrong, but fear no matter how much baiting I get; that I am not

Do not go to a unreputable broker that wants an application fee irrespective of success or not, they are out there.

Good luck

The_J

rizel23 wrote: »

Your second part is correct and I agree.

However i do not agree that it stays with you 'forever' the local papers only print it once that week or fortnightly depending on the paper so its a temporary record for a very minority of the general public in a very, very specific area.

Incorrect.

It stays with you forever and a solicitor will be able to do a bankruptcy check. Some lenders (like Halifax and Nationwide) will lend to a discharged bankrupt as long as their recent credit history is strong (doesn't have to be 6 years, can be less than that).

Other lenders, like Santander and Barclays will decline you if you have ever been bankrupt. It will not appear on a credit check but it will fail when the solicitors get their hands on it.

Jeanie, I expect you will need at least a year after the bankruptcy. Dave's your man for this kind of thing and if he thought he could package it in a way that some random building society could do then he would say so but it's too soon. For that kind of saving I would be tempted to sell the property and rent for a year or so.

Simon_gloster

Rizle...you know nothing. Fool. Your a wind up mechant from what I have seen and you dont really help anyone!!!!


Even on the bssic info the OP wants to redeem their mortgage to take advantage from their lender. Who is the lender OP?

Dave is correct, no lender today can offer a mortgage on those terms. Now we know a £500k loan is needed and your in a financial mess, do you nees to self certify? If not, iy should be unlikely your in a mesa if affordability wise you can make £500k mortgage.

To give you an easy example OP, go to MBS lendings product guide as this is easily accessible without having to register or log in.

Sale at undervalue to a family member is the most likely outcome..are you on repayment?

jeanie49

Lender is Webb Resolutions. I am self employed and would need loan of £380k to pay off the mortgage from them. I am on interest only repayment of £2000 per month.
I cannot sell to a family member so that is not an option.
Any help is much appreciated thanks.

Dave_Ham

Starting at the top - what can you afford to pay for this property going forward? per month I mean

From there, you will not get a mortgage in your own name I do not think. Bridging finance may be an option, but you will need to have an exit strategy which I fear we do not.

No chance to sell to any family member with gifted deposit (equity) or under value..?

jeanie49

I can afford £2000 per month.
No chance to sell to family member at all!
Looks like impossible?

Simon_gloster

What would be the income declared to HMRC over the last 2 years ending april 10 & 11?

Leon_W

A couple of thoughts (sorry for the brevity)

You'll not get another mortgage so remortgaging is not an option.

Sell the property. You're being offered a substantial discount of £150k to settle the loan, so if you can sell for £600k that would leave £250k to buy something else or am I not reading this right ?