3 Years Post Bankrupcty Mortgage?

louiseca

Hi

(Also posted on Mortgages Board)

Looking for some advice if possible. Myself and my husband will be 3 years discharged from bankruptcy (Scotland) this March. House had been in negative equity when we declared bankruptcy so we purchased the beneficial interest from our Trustee. House at the moment is worth approx £100000 and our mortgage is currently £95000 (Northern Rock). We have never (even prior to bankruptcy) missed any mortgage payments and we both now have Vanquis cards, purely to help our credit rating – paying off in full each month. We also did a credit clean up last year and I have ordered both our credit files to double check there are no other errors.

We are keen to move house and we are considering buying somewhere that my mum can move into with us (she is retired and has been really ill the past year or so). If we did this she would be willing to gift us approx £100000 from the sale of her house to use as a deposit with us taking a mortgage for the remainder – probably up to £150000. She would be happy to complete any documentation to say that it is a gift and she has no interest vested in the house. Mine and hubby’s combined earnings are just over £41k.

Am I right in thinking that we would need to wait until we are past the 3 years discharge date and even then it is likely that Nationwide are the only ones who might accept us? I know that many other lenders want you to be discharged for 4 or even 6 years before they will consider you.

Does anyone have any experience with Nationwide after a 3 year discharge? Am I best to approach them directly or use a broker? Any issues that I haven’t thought of?

Thanks for your help.

Louise