Looking for a ray of hope..... future mortgage?

caffsean

To be totally honest I suppose i'm looking for a bit of a cheer up. Both me and my husband were declared bankrupt in 2009 and discharged March 2010. We hope to one day get a mortgage etc in about 5 to 10 years time when we've had chance to save for good deposit and i'm just looking for any "success" stories I suppose.

We know it'll be hard work and take a long long time but i just feel that down in the dumps at the minute, it would be nice to know that some people do actually manage to get themselves completely sorted again and fully back on their feet etc. That kind of "well they did it and so can we" type thing or should we just wake up and accept that ultimately it isn't going to happen and we're just dreaming. xx

fermi

Some people have certainly been successful if I recall. I've tweaked the thread title so people browsing can see at a glance whet you are asking.

droiderm

Yes people do , just its not easy
my six years is up next month and I still don't expect to get a mortgage any time soon
My bank won't even give me a proper bank account , and I have had no problems since bankruptcy. I do expect that to change next month. The point being , if I can't get a mainstream credit card or bank account then a mortgage is going to be way more difficult. Some people say you will need a 20 percent deposit
Start saving and start now. Saving feels good and it makes you keep the rest of your financial life in order.

caffsean

Thank you both, i've just had an absolutely rubbish day really is the truth of it but tomorrows another day and it'll all be alright in the end.

I was just hoping to come across a post where someones giving a bit of feedback say 10years on or over the bump if that makes sense (the living with it part I spose) rather than at the moment questions (say about to go bankrupt or OR questions etc) please please don't think i'm moaning about the site as i'm really not, i love it and try to help others by saying how we're doing after our bankruptcy 3 years ago or what we went through with it.

It was probably the worst time of our lives and something i pray to never have to go through again and with the help of this site we're still on track.

So I guess i'd just like to hear how well others are doing further along down the road. I really hope that all makes sense and you don't think i big moaner. xx

iquit

caffsean, don't worry we all have days when we feel like this. I also worry about the whole mortgage for the future etc. My only difference is whilst I lost the jointly owned (through mortgage) home I managed to hold on to my flat. So whilst bankrupt I do have a pre-existing mortgage which I am working really hard to keep a good track record on so that I can negotiate for more with the same provider in the future. There is however a link that I think may cheer you up a little:- https://forums.moneysavingexpert.com/discussion/2918012

caffsean

Thank you iquit, that's a great post and has really helped me; it's good to know that there are companys out there that can help.

It's all a case of waiting now, we've been through our credit files, looked at what might be the best credit card for us to take out in an attempt to rebuild our credit history and as i'm a housewife at the moment (we dont receive any benefits due to my husbands wages) and our children are all in full time school now I'm currently applying for jobs so that I can then put all my wages away towards a deposit, which hopefully in about 5 - 10years we can have about 30% - 35% possibly more if we're super careful to put us in good stead with a mortgage company.

So fingers crossed for the future!

pmg19680

Hi there,
Just wanted to say that me and my husband are at exactly the same stage as you right now give or take one month and we are also on top of our credit files scrutinising all the time! I have gotten myself into a proper state at times feeling very insecure renting and thinking i will never get my own house again (even if its just for the kids future) but i have friends and colleagues in a very similar situation and they have secured mortgages from 2 years after discharge. It seems to be that the source of the mortgage is through brokers (rather than the arrogant mainstream banks) who charge a little more but not a crippling amount if you look around thoroughly. Also bare in mind that a landlord can provide an excellent reference as ours is doing and an up to date rent payment book/account is a very good way of showing that you are capable of regular payments.
We are hard saving now and as soon as we get a decent deposit we will not hesitate to go for it. Best of luck for the future - DONT GIVE UP!

droiderm

There are 2 factors that are going to count, the time away from bankuprtcy (less so) and the size of your deposit. This is of course assuming your credit history is perfect since.

It's all about the risk to the lender. You are risky to a lender and always will be, as you always have to declare your bankruptcy when asked in the application form. The best way of reducing risk to a lender is by having a bigger deposit. That's the best thing you can do.

And things change, what's easy/hard today may be easier or harder in 6 months time. For example the Halifax lately will not lend to ex bankrupts when they used to.

Just save and get as much money together as you can. I am going to give it a try when I have a 10% deposit. I don't expect much joy, but have nothing to lose. I will keep saving until I get accepted.

caffsean

Quote from PMG19680 - Also bare in mind that a landlord can provide an excellent reference as ours is doing and an up to date rent payment book/account is a very good way of showing that you are capable of regular payments.


Someone mentioned that to me the other day too, they also said about how car insurance DD's and others can help too so fingers crossed they'll all be helping too. We're considering getting a credit card each at some point too with the hope that'll help to build our credit files a little too. Meanwhile though we're just saving, saving, saving and saving a little bit more! xx