Morgtages after bankruptcy

MORGYSMUM

Does any one know could we get a mortgage, my partner went bankrupt in 2008, and has been building good credit since, i currently am doing a dmp, we are currently renting, but we maybe moving as my partner is at uni, and he graduates this year and may move for a job, i am ok with renting for a bit but, see having to pay £ 600 + for rent is a bit harsh, and belive a mortgage could be cheaper, i understand we would need a deposit, but do they exsit for people with bad credit?

sniggings

very hard but some banks will, the bigger the deposit the better, you will have to shop around though.

Have a search on here, someone posted a list of banks that were open to giving BR a mortgage.

Rylynn

I guess it's a bit like the dreaded bank account scenario.

You may have to wait until the 6 years is up but have a look as Sniggings says, as there is life after Bankruptcy and so there should be for people who move on and want to improve their lives.

tigerfeet2006

Your DMP is going to hit you just as hard as the BR is in the getting a mortgage stakes I'm afraid.

As Sniggings says do a search in the Forum Search option, pop in something like mortgages after bankruptcy and select the bankruptcy board. There has been loads of posts about it.

IF

This thread may help :beer:

Lorax's thread Mortgage after BR - Click here

Best wishes
IF...x

fiveyearplan

I agree with Tigerfeet, the DMP will look just as bad as the bankruptcy, possibly even worse.

Brock_and_Roll

Looking from the lenders perspective, a joint mortgage for two people who have a record of defaulting on their financial commitments is not going to look good. Then add the fact that your partner has no employment track record....

That said, if you have a big (40%+ deposit) then you might be able to find a specialist lender.

Please dont fall for the myth that renting is "dead money" - £600pm does not sound to bad and you have added advantage of rental that you can easily move around to where the work is. There are other costs & hassles of home ownership that renters don't see! Renting is perfectly acceptable to our German cousins who seem to be doing pretty darn nicely thak you very much!