Need a bigger house - ex bankrupt

[Deleted User]

Hi

I am married with wife and 1 22 month old boy living in a 1 bedroom house.

My current house is worth about 75k, mortgage o/s is 50k, never missed a payment.

i was made bankrupt 5 years ago and bought the equity back to keep the house. The house is currently jointly owned with my dad, we took the mortgage out 2005, and since then he know earns £60k and me £26k. I am halfway through a 10 year fixed rate deal with santander, with a 10% redemption penalty. the redemptional penalty is currently around 5k.

experian gives me a score of 950 (i know it not meaningfull), all defaults are satisfied and will drop pff in 1 year approx. i have a 2k credit card with nil balance and several satified up to date accounts.

I need a bigger house, for our growing family. i cant keep pur son in our bedroom forever. I dislike haveing to rent and line some BTL pocket., but I feel that I might be forced to.

I could afford to increase our monthly mortgage amount currently £400pm to around £600-£650 but I am not sure wether or not santander would even consider porting the mortgage to a bigger house.

I am not fussy about the bigger house, but in my area the ones my wife and i were thinking of are around 108kto 115k

Do you think santander would allow a port, if not Ill be hit with this redemtion penalty.....would appreciate some advice on what to do.

Dave_Ham

Speak to Santander as they keep changing the goalposts, although I do not think they will allow you to port the mortgage.

Porting involves another credit score etc. and I doubt if not nearly guarantee you will not pass their current criteria..

Sorry if not better news, but good luck...

The_J

Porting is seen as a new mortgage in the strictest sense (they just "allow" you to keep the same T&Cs) and therefore you have to fit criteria at the time. Problem is, Santander do not like bankrupts one little bit so I think porting will be impossible.

A completely new mortgage is possible, Halifax in particular would appear from the basic information given to be worth a shot.

[Deleted User]

thanks for the advice, contacted halifax today and they said no. despite meeting affordability, and my file having all dates showing satisfied in 2007, and having several positive accounts and not missing any payments...guess ill have to try in a years time when the bankruptcy and defaults drop off experian.

Thrugelmir

Keep paying down the mortgage. As building up your equity will go a long way to bridging the gap.

The_J

sky190176 wrote: »

thanks for the advice, contacted halifax today and they said no. despite meeting affordability, and my file having all dates showing satisfied in 2007, and having several positive accounts and not missing any payments...guess ill have to try in a years time when the bankruptcy and defaults drop off experian.

The bankruptcy will never disappear from your record and you will always have to declare it, it is probably the defaults that are the problem so you are right to try again once those have dropped off.