Bankruptcy and Mortgages

Bassplayer

Hi all

A forum member called The Lorax did extensive, almost scientific, work on this subject recently - a great deal of research seems to have gone into it. You'll find it here:

https://forums.moneysavingexpert.com/discussion/2918012

Hope that helps

Kevin

Salander

foolishboy wrote: »

..I just meant it wont make any difference, at least not to YBS. All they cared about was that all of my defaults were part of the BR and that I was 3 years post discharge.

They also don't like people with a repossession.

Just dug out the criteria I was sent, this was a few months ago so might've changed:


4. Adverse Credit
All rules relate to each application, not each applicant
MORTGAGE/SECURED LOAN AND/OR TENANCY ARREARS

0 missed payments in the last 12 months
No more than 1 missed payment in the last 24 months
All payments must have been made within one calendar month of the due date in order not to be classed as arrears.
In all cases, payment holidays are to be treated as missed payments, unless they have paid ahead in advance, in which case it would not show as arrears on Insight or the mortgage statement anyway.
Secured Loans with a balance that is in excess of 25% of the existing mortgage balance will be treated as a mortgage and must meet the criteria detailed above.

CCJs

Registered over 36mths ago, maximum 2, maximum value £500 and proof that satisfied within 6 months of being registered (insight or certificate).
DEFAULTS
1 default registered within the last 36mths with a maximum value of £150 is acceptable.
BANKRUPTCY / SEQUESTRATION

We cannot accept undischarged bankruptcies
The Bankruptcy/Sequestration must have been discharged for a minimum of 36 months – max 85% LTV
Insight must confirm that the Order is discharged or
obtain copy of the Discharge certificate as necessary to confirm the date of discharge
If there is an indication of a family transfer e.g. if the vendor is a spouse or other family member pre-bankruptcy the case should be referred to a Central Underwriting Department Underwriter. Bankruptcies are now generally discharged after 12 months but proof of discharge is still required.
Sequestration is the Scottish equivalent to Bankruptcy, and is normally discharged three years after it was registered; proof of discharge is still required.

Hi all, has anyone got the criteria above, but for Nationwide?

Thanks:D

sparklykitty

I am so excited to read this! I assumed getting a mortgage would be virtually impossible as a bankrupt. We are getting a mortgage at the moment, just in my partners name but good to know that in another 2.5y time I can be added onto the mortgage!

Excellent :-)