Discharged bankrupt over 12 months can I get a mortgage?

Lotso12

We were told by a financial adviser you stand a better chance of getting a mortgage after bankruptcy if your house was not repossessed before you went bankrupt

Salander

Hi Lotso,

Ive geard that too.

droiderm

I think that it's another negative on the list unfortunately
I think it's true and cuts down the lenders even more.

Lotso12

One positive to add to our list then we never were repossessed. I have to say even if we are unable to get another mortgage, going bankrupt was the biggest weight lifted for us. I am sure this is the same for a lot of other people out there....

foolishboy

YBS's criteria says they'll consider people discharged from BR for more than 3 years, as in 4 years from the day itself. They must have min 15% deposit though and no adverse history since BR. Also, they'll not lend if you've been repossessed in the past. It is an option though, we're in the application process right now and things are looking promising.

HTH
FB

droiderm

I spoke to YBS a while back, and there was a repossession in my case so it couldn't happen.

I got a call back from Mansfield about the referall ( I didn't actually apply) but she seems to think there would need to be a 25% deposit , something to do with Mortgage indemnity insurance. I expeced that response at 95% LTV.

financialstress

I'll be keeping an eye on this one... similar situation!

Discharged in 2008... now want to get on the property ladder (for the first time) but only have 10% deposit (£32k).

Mansfield wanted 25% deposit... not sure it's going to be possible... EVER - it seems that we're too risky for lenders even if the BO has lead to us having improved disposable incomes.

I suppose I should have expected it - but I don't think it'll even be better after 6 years after reading online here!

Lotso12

financialstress wrote: »

I'll be keeping an eye on this one... similar situation!

Discharged in 2008... now want to get on the property ladder (for the first time) but only have 10% deposit (£32k).

Mansfield wanted 25% deposit... not sure it's going to be possible... EVER - it seems that we're too risky for lenders even if the BO has lead to us having improved disposable incomes.

I suppose I should have expected it - but I don't think it'll even be better after 6 years after reading online here!

Gosh it does seem very difficult to get a mortgage after bankruptcy then! Might stay on the rental route at present and continue to save!

droiderm

I believe there is one lender who isn't interested in BR if it's 7 years after discharge. Unfortunatley that's 8 years after BR!
The question on the form, instead of saying "have you EVER been declared bankrupt" it asks "have you been bankrupt at any point in the last 7 years. That would say to me, they are not bothered at that point.

But, it is a looonnngggg time to wait for that.

emsywoo123

droiderm wrote: »

I believe there is one lender who isn't interested in BR if it's 7 years after discharge. Unfortunatley that's 8 years after BR!
The question on the form, instead of saying "have you EVER been declared bankrupt" it asks "have you been bankrupt at any point in the last 7 years. That would say to me, they are not bothered at that point.

But, it is a looonnngggg time to wait for that.

Do you know who it is?