Mortgage after bankrupt

Mikeyh_2

What banks will give me a mortgage after going bankrupt and how long will I have to wait?

mpe1973

The bankruptcy stays with you for 6 years. I went bankrupt almost 7 years to the day, and had doubts that I would get a mortgage. Speaking to my financial advisor he suggested doing an Experian check which amazingly came up as excellent!!! so hopefully I may be able to give you an answer soon when I apply

fiveyearplan

Check out this thread
https://forums.moneysavingexpert.com/discussion/2918012

Experian_company_representative

The bankruptcy drops off your credit report after six years, unless you were subjected to a 'bankruptcy restrictions order' (or 'undertaking'). However, most mortgage providers will ask you on the application if you've ever been bankrupt, so the impact can be much longer lasting. It would then depend on the lender's policies as to what effect any historical bankruptcy would have.

James Jones

Watto30

Hi,

Just wanted to add, I went bankrupt 6 years ago in September last year and got approved for a joint mortgage with Leeds BS with partner in the October and moved into our new home in December, so it can be done, but this was all done through a brilliant mortgage broker who got us a good rate and not through one of these dodgy firms that charge ridiculous interest rates or expect 25% deposits etc

As the previous poster has said lthough bankruptcy drops off your file you do still have to declare it if asked the question and I expect most mortgage applications will ask have you ever been bankrupt, I can't remember how the question was worded on mine but I did declare it and partner has very good credit history so that might have helped us to get the mortgage approved.

The best advice I can give though is to speak to a good mortgage broker because if you apply say to a high street bank yourself and then get declined then chances are the next place you apply to may decline also and this does affect your credit history. Building societies are probably your best bet.

Good luck

Contracts_Engineer

Watto30. can you give details on the broker please and any other useful information?

fiveyearplan

I agree with Watto30, find a good mortgage broker.