Mortgages for bankrupts - specialist brokers?

Bassplayer

Hi all

I was on the forum recently asking members about the possibility of getting a mortgage, as I'm nearly 4 years from having declared myself BR.

The feedback seemed more hopeful than I imagined, depending on deposit size etc.

But I wondered do any of you good people know if I'd have to talk to a broker who are specialists in mortgages for those with a rubbish credit rating?

Secondly, does anybody have the name and contact number of such a broker? I'm based in Dorset but I guess geography doesn't matter much these days.

It's just that I'm a bit reluctant to Google it and take pot luck so if anyone has personal experience of a good broker for bankrupts I'd love to hear about it!

Thanks guys

Kevin

Romanzach

Hi there,

I am in a very similar situation, went BR in 2009. I have resorted to trying to get a shared ownership mortgage with a LTV of 77% - as yet I have had no luck at all. I have called around 10 brokers and only one has taken me seriously up to now. He doesn't hold out much hope though. We will probably wait until the BR is off our files and save as much as we can and go again in 2016.

foolishboy

Mr Dave Ham is one such person on the forum I've dealt with, although didn't need his services in the end as managed to get an offer from YBS going direct.

FB

droiderm

Plus one for Mr ham.
Haven't used him yet but he knows his stuff .

bestofdevon

there was a question and answer article a while ago on thisismoney.co.uk where a guy from London & Country (mortgage broker) responded quoting 2 orgs. that would give mortgaes to former bankrupts - so maybe worth giving them a ring.

good luck

Bassplayer

Thanks guys, much appreciated.

Sounds like Yorkshire Building Society and London & Country might be worth a shout, so that's where I'll start.

I'll report back when I know more.

Thanks again

Kevin

2kadmin

Hi,

Have you had any luck?

What is your current credit file like? Does it still show your BR?

I know this will be contentions, but the K16 search (that your solicitor will run for £2) before completion only reports BR in the last 5 years.

So, if you found yourself a keen broker, who for example asks if you “have any problems obtaining credit?” which if the BR is not on your file odds are you won’t. You can answer honestly “no”

So after another year you could apply and get a mainstream mortgage.

However, if they ask directly, if you don’t answer honestly you will be committing fraud, ok odds of you being caught will be next to nothing as your K16 search will be clear after 5 years. However, there are a couple of horror stories in the past of people being found out.

Hope this helps

Eve1975

I went bankrupt coming up 6 years this summer. I spoke to YBS about a mortage today and they sound quite hopeful.

She said as long as 36 months have passed and I was not repossessed. Even defaults are not an issue so much as nearly 6 years have gone by. She said credit score is important as it will affect how much they lend if not so great.

We will hopefully have an LTV of 50-60% which will help I hope.

I will be honest about bankruptcy as would not want it coming back and biting me in the bum