mortgages after BR

Contracts_Engineer

I am recently out of BR (may 16) and im in the process of cleaning up my credit report.

I am currently saving x amount a month towards a deposit for the house we currently rent. i have calculated the approx. deposit and approx solicitors fees etc. and I'm glad to say all is going well and I'm enjoying a fresh start.

My question is im getting more concerned about being able to get any type of mortgage from anyone (not got any bills to worry about now so need to worry about something ).

Can anyone who's been through this give me some inspiration and any details about what they have done?

mazman83

Hi

Not going through this myself, but hope to in the future.

It will be really difficult to get any kind of mortgage whilst your BR remains on you credit file, for 6 years.

i would think a huge deposit would be required at the very least.

Have a look here for some tips

https://forums.moneysavingexpert.com/discussion/2918012

Contracts_Engineer

i already knew all of what you had said except for the link you posted.

Thanks for your time in posting and im off to have a look at the link now.

Anyone who has been through this and got a mortgage i would still be interested to here from you

susieh_2

Hi,

We've done it!!!

Went BR in 2004 so on records till 2010 but we got a mortgage in 2008 with Chelsea BS.

House cost £152k - deposit £30K, got fixed rate for 2 yrs - sorry can't remember what it was now, it was a little higher but not a lot.

Now on new fixed of 4.3 for 3 years.

I/we did an awful lot of research probably over a 6 mth period and talked to so many different people to test the waters and weigh up whether or not it was even worth trying to get a mortgage before taking the plunge. We talked to an independent advisor, Charcoal Mortgage Brokers and trawled the internet for info in the end I rang Chelsea direct and dealt with them ourselves. They were very helpful. I was honest with them & asked them not to do a full application straight off but from the info I gave them wanted to know what he thought our chances would be - the rest as they say his history.

So good luck it can be done but really do your homework and find whats best for you and your circumstances.

xx

Contracts_Engineer

Cant even believe people are getting mortgages while there BR is showing on their credit report.

thanks for your time

tigerfeet2006

Don't forget that Susieh got their mortgage before the crash. It will probably be a little more difficult now and you will have to do a lot of research and legwork.

All the best with it all.

Contracts_Engineer

cheers tigerfeet. I realised it was before the crash.

I realise id need a large deposit and an impeccable ( except for the br ) credit rating.