Mortgage advice with past bankruptcy

allinone

Morning all,

I went through a 3 year bankruptcy plan which I successfully completed in Jan 12. I'm now at the stage where I'm looking to move mortgage and potentially either move home or get an extension on the existing home. My mortgage is with Northern Rock and they have said that they are no longer able to offer mortgage changes.

Sooo, is there a recommended broker that I can go to in order to get some reliable independent advice? I've tried L&C but they say they can't help me till the record gets removed from my credit file in Jan 15.

I'm on a reasonable wage (£68K) and have a good level of disposable income every month once all the sprogs etc are fed! According to market levels and a recent valuation my house is worth circa £180K with £135K left on the mortgage. I live in Scotland.

Hope this is enough info for some hopefully good news on where I can turn next.:cool:

Cheers all
Allinone

ACG

If you were in England/Wales i could get you a mortgage with a 30% deposit (I know this as i was literally researching it for someone yesterday).

Im still looking into it to see if i can get something with a lower rate or lower deposit, so i will check about if its possible in Scotland at the same time.

Are you just looking to remortgage or purchase? If purchase what will happen to your existing property? How much deposit will you have?

allinone

Potentially either. We would rather re-mortgage as we like where we are! I reckon we would be left with circa £40 - £50K but an extension is going to be around £25 I would think. We are also looking at potentially moving with Scotia (big housebuilder around here) where they are offering 90-95% (depending status...) and didn't know if it was even worth looking at that type of opportunity. They would also buy our house from us at the going rate.

ACG

You need to really decide what you want - do you want to remortgage or purchase? Those are 2 completely different answers.

You can forget a 90% mortgage, there is no chance. At best i would say 75% but the rate would be around 6% plus.

If your looking to remortgage, i would speak to your existing lender and ask what retention products they have as that will probably be cheaper than what you can get elsewhere.

allinone

We're on 3.79% at the minute with NR but they no longer offer mortgages. And unfortunately what we want depends on what we can get. I don't want to start applying for stuff and then get turned down and therefore making my credit file worse again hence asking for advice first. Do appreciate the honest advice though.

ACG

You will not beat that rate with bankruptcy so recent.

Even when it drops off your file you may get asked the question and not all lenders will accept you. I would save your time and be happy you got a mortgage before you went bankrupt if im being totally honest.

Thrugelmir

allinone wrote: »

Hope this is enough info for some hopefully good news on where I can turn next.:cool:

Perhaps take the opportunity to overpay your mortgage for a while. Allow time for the bankruptcy to age.

allinone

Cheers folks. The other angle I thought of was to turn to my parents. They have a house that is mortgage free. Now here's the question, would it be possible for them to mortgage some of their house and allow us to use the capitol and for me to pay the mortgagable (sp?) part of what they are borrowing? Neither are working so I don't know if this would be possible or not. Hope that makes sense.

Thrugelmir

allinone wrote: »

Neither are working so I don't know if this would be possible or not. .

The world has moved on from the days of easy credit. Lenders are no longer interested in poor risk mortgage business.