Mortgage Offer - 4.5 years after Bankruptcy

colmac71

Hi All
I've been updating a couple of threads on here but this is the big one!
I've received in the post this morning my Mortgage Offer.
Yes I can't believe it

The facts
I went BR in April 2008, had a mortgage previously - and voluntary surrendered my old place (had to go BR as partner left me and tried to go down the IVA route but Northern Rock and Picture Finance said no!)

I had quite a few creditors!

My credit report was a nightmare to clear up - I had defaults (only as a result of the BR) these are now all showing as satisfied/settled with the default date showing as the date of my BR (the letter templates on here were great!)

I had to send, resend, and send again to a few different companies, O2, Picture, Egg, IF, Cahoot - but they all managed to change the credit files - admittedly I also raised some queries with each of the CRAs.

I tried a few building societies - the two that considered me were National Counties and Mansfield.

National Counties were great BUT they would only lend over 150K !! (didn't realise this until my application went in)

Had to do more research and ended up contacting Mansfield and they had to ask their mortgage exec - who said to proceed with an application,

After submitting a full applications, anxious wait, underwriter called and queried a few things on my bank statements - make sure you are squeaky clean!

Mansfield don't Credit Score -
They do look at your credit files
They do question your finances (bank statements)
They do ask for references from employer
They do double check your bank statements

I got my official mortgage offer and it is 75% ltv - so I had to save up to get the deposit.

Ok so me and the ex were a little credit happy previously - we both had great wages so together we could afford - so I do take some blame for the BR

I've learnt my lesson and this is a great milestone in my BR journey

I wanted to share this as I know BR isn't always a path that you take easily.

My life is back on track (some thanks to my new partner too)

For clarity, it's a mortgage in just my name, I'm 4.5 years in to my br - got discharged one year after my BR, I had to put down 25% deposit

All being well will be in the new place at end of October

Sorry for the long post but just wanted to give some people hope!

All the best

IF

Hi colmac71, I so love good news and Congratulations to you and your partner :beer:

Best wishes
IF...x

iquit

This is brilliant news, congratulations and all the best.

Lou67

That's great news, but I have to say, I wouldn't buy a house again if my life depended on it. Even if I *could* get another mortgage. Once bitten and all that. Good for you if it's what you want though :beer: I have never heard of those two lenders though.

[Deleted User]

Congratulations on your new home!

chunx

Brilliant news and interesting info too!
Thanks for sharing :j

fiveyearplan

Great news Colmac. I also went BR in April 2008 but managed to keep my home/mortgage but I will be needing to remortgage in a couple of years so glad to hear you managed it.

Thanks for posting.