Complicated situation and mortgage after bankruptcy......please help

davidtennantsgirl

Hi

I've done a search of the forums and seen lots of varying advice indifferent scenarios but none that quite fit. I'll summarise the facts to avoid rambling:

1. Partner is 18 months after completing an iva - credit file cleaned up and no credit issues since

2. I've been discharged from bankruptcy for 6 months - no iPa.

I was on a sabbatical when I was declared bankrupt - hmrc petitioned it and I didn't fight it. I stayed on the sabbatical during my BR as it wasn't worth it financially to go back to work as by that time I'd met my partner and we could live on his salary (I moved in with him)

Since I've been back at work we've continued to live on his salary and saved mine. By this time next year we should have a 20% deposit and we are looking at houses around 200k.

Obviously due to our financial pasts we've have separate accounts.

He earns 46k gross and I earn 85k gross so affordability is not an issue. The problem is I have no chance of being named on a mortgage being only six months out of BR and the deposit is all from my savings.

Is there any way he or we could get a mortgage?

droiderm

I think in general the larger the deposit, the more options there will be. I will probably agree you, in your case you have little chance.

I am not really sure how IVAs are considered, but I would assume as it gets longer past, it will get better.

In the case of BR most high street lenders will never lend (based on current their criteria).

I would probably post on the Mortgages Board, there are some good people on there who can probably give you an indication of the chances.

droiderm

Just checked the criteria for Leeds Building Society (random example) they expect BR to be discharged for 6 years, and an IVA to be discharged for 6 years. That's not to say they are all the same, but I would definately post on the mortgage board.

I will add that some lenders will consider BR after less time.

Mouse1812

It would be far easier to continue to live off his salary and save.

It will only take you 3½ to 4 years - the bankruptcy flag will be on your file for 6.

droiderm

Let's be clear though, even if it falls of your credit file, it will still need to be declared to any lenders. They will find out anyway.