Previously bankrupt

mshaw2

Thanks ACG

MoneySaverLog

Very similar situation to the OP, but had a IVA rather than BR.

IVA early 2006, fully satisfied in 2011. Credit files all OK no record of it and no defaults/late payments. Took out credit cards to build up positive history over next few years. Saving for deposit but concerned because all the companies I've spoken with ask the question "Have you ever been bankrupt or entered a IVA" If you answer yes they ask how long ago and for how much.

Would obviously want the best rates on the high street and not be doomed to sub prime/brokers forever. Right now I feel like I am going to have a battle on my hands when the time comes to apply.

ACG

Dont necessarily discount sub prime lenders.
You might have 2 years of a higher rate - but the SVR rate after that may just fall in line with the industry standard, it might also be what you need to get onto the houseing ladder - it may also be cheaper than renting.

Obviously if you can get a high street lender by saving up that little bit more all the better but there can be benefits of using one of the lenders who go after "riskier" business.