Mortgage for Ex-Bankrupt.

berniebeyer

Hello,

I am looking for some advice.

I am an ex-bankrupt, I was declared bankrupt in 2007, discharged 6 months later. Since then I have a credit card, have had, and successfully repaid a small loan, and have a bank account with the COOP, which has been run perfectly for 3 years. My credit file has been steadily repairing itself for the last 5 years, my score is 880.

My wife owns a shared home ownership property, that we are now looking to sell and buy a bigger place, however we will both need to obtain a mortgage to be able to do this.

I have already contacted a mortgage adviser, they have responded with a 'mortgage in principle' for us both, we we're quite surprised by this, however I have seen a search on my credit file by RBS for a mortgage quotation.

I have been advised that I should try to get another mortgage in principle as sometimes they can fall through.

My question, is who else can I contact that are likely to offer me a mortgage?

Also, is it best to wait one more year, so that my bankruptcy no longer shows on my credit file?

Thanks in advance

Bernie

Conrad

Something to be aware of Bernie is that adviros typically do not disclose the Bankcruptcy and I'll bet that this is the case on the RBS AIP.

BUT, the issue is this; Just before completion your Lawyer HAS to do a Bankcruptcy search on you. So if I were you I'd perhaps now have this Bankcruptcy search done to see if it still shows up - sometimes I've known them not show up for some odd reason.

If it does show up then you need to be double sure the broker disclosed this on the AIP now.

Worst case scenario would be yes you'd have to wait, however certain lenders can consider a bankcruptcy anyway, subject to them agreeing yours was not a dreadful Bankcruptcy example.

Size of your deposit and the pruchase price is also very important.

Good luck

ACG

I dont think RBS lend to ex bankrupts.

The_J

ACG wrote: »

I dont think RBS lend to ex bankrupts.

They don't.

Dave_Ham

It is the insolvency register you need to check and I do not think RBS/Natwest will take this case on.

This is not game over for you, but I would suggest you need some sensible advice.

Most highstreet lenders ask the question directly about bankruptcy and it automatically then declines it.

berniebeyer

Thanks for all comments

I have just checked my name on the insolvency register at insolvency direct and it doesn't appear

Is this common? or maybe I'm doing something wrong?

I've also been having a look through this website, and some people seem to suggest Ipswich Building Society are a decent place for people like me, anyone have any dealings with them, and would it be worth me approaching them.

Also one last question. As my name doesn't seem to appear on the Insolvency Register, what other search methods do banks have when searching for Bankrupts.

Thanks in advance

Bernie

Dave_Ham

This is the norm Bernie.

They can check on Experian and Equifax, typically it will show on there for 6 years from date put on discharge.

Ipswich are quite good as they manually underwrite the cases, although this leads to massive delays and I mean weeks and weeks. They pulled their entire product range 2-3 weeks ago and therefore closed doors to new business and are catching up.

A broker may be a more prudent call after obtaining your Experian and Equifax reports to see if anything else is on there by error or plan and then see what your options are..

Bigger the deposit and the better the broker the easier your case will be.

All the best