Bank Accounts, Mortgage and Loans post Bankruptcy...

angels01

Hi all,

I am back again with another query that I am hoping someone would be able to answer this....

I am now 7 years post bankruptcy (when I sat I court in front of the judge and had to explain my reasons why I needed the bankruptcy). I am in a very good place now and life couldn't be any better.

Since then I've cleaned up my credit and kept it squeaky clean and I have an excellent credit score (so for those just starting out there is light at the end of the tunnel if you play by the rules).

My question is, my husband and I are considering two things.....

1. If we remortgage would there be a possibility of putting me on the mortgage too? Or will we be offered a high risk mortgage type thing because of my bankruptcy 7 years ago?

2. We would like to get some home improvements done in the house and are considering getting s loan which can be paid off in about 3 years.

However, I am debating trying to go to my bank and ask for this myself to see where the land lies in regards to me borrowing again. However, I still only have my basic cash card account with barclays so therefore I need to go into the bank and request an upgrade.

Do you think I would be eligible now? And if so, is a credit search done in order to have one if it is agreed and do I need to wait a certain amount of time to ask for a home improvement loan or can I do it at the same time? Do you think the bank will give me a loan seeming they will know my income and expenditure too?

Many thanks for reading.

Angels

fiveyearplan

The credit search for the loan will probably only go back as far as your credit file so they wouldn't see your previous bankruptcy. Whether you get a loan or not will depend on their criteria. It is always a good idea to get a copy of your credit files from the 3 credit reference agencies (Experian, Equifax and Call Credit) I usually get mine about every year or so and I always get them by post rather than online.

As for the mortgage, I would recommend going through a mortgage broker and there are cases of people being successful. How much equity do you have in your home - the more the better for mortgage purposes.

There is a thread about obtaining mortgages post BR that is worth a read.
https://forums.moneysavingexpert.com/discussion/2918012

angels01

Hi fiveyearplan

Thanks for your response! I have checked all 3 credit files and after lengthy spats with that pathetic excuse of a company call credit I finally got them to update my file accordingly so all three do match and are correct.

I know the loan search will show up I was just wanted to know if the upgrade on the bank account will also show as I don't want too many searches done in a short period of time.

I guess will see what the bank advisor will say in first instance when I find time to get there!

Thanks again
Angels

angels01

Thanks amandajwanda

I see what the bank says before proceeding with anything and if they think its going to be an issue I won't do anything.

Angels

tigerfeet2006

Angela that was spam which I have reported. The poster puts his location as Delhi!!

angels01

Thanks tigerfeet.

I thought it was a strange answer and was reading off my phone so replied out of courtesy.

Angels