How to get a mortgage after bankruptcy

jogirl61

I need advice on how to get a mortgage. I declared myself bankrupt in 2010, currently work as a full time civil servant and do not have a deposit. I need to find a mortgage provider who will work with me and give me a mortgage despite the above.

holly_hobby

You will have to be discharged (which i assume you have been, having been given a 12 mth order).

Some lenders also want the BO satisfied - whilst some don't, just discharged - but all want want some details surrounding the BO, and how you can demonstrate that the underlying financial circs are now behind you, and unlikely to resurface (all things being equal).

ALL will require a decent deposit, I would suggest a healthy 25%, given the farily recent BO registration, and to give you a little scope with having a selection of lenders to choose from.

If you can't manage a 25%, I would also suggest a non-credit scoring lender - whereby at least the lender will have more autonomy with considering the aspects of the case, and if they believe you present little risk of default.

So get saving, and when ready engage a whole of mge broker to assist in what won't be an altogether easy placement.

Hope this helps

Holly

ACG

There are lenders out there but you really need a 20-30% deposit. I expect the rates to be 6% plus also.

The more historical the bankruptcy the more (and cheaper) options will be available, but yours is still fairly recent. If you think getting a 20% deposit is achievable and you can afford a rate of 6% then it would be worth getting in touch with a broker as generally speaking you need a more specialised lender.

_Andy_

jogirl61 wrote: »

I need advice on how to get a mortgage. I declared myself bankrupt in 2010, currently work as a full time civil servant and do not have a deposit. I need to find a mortgage provider who will work with me and give me a mortgage despite the above.

Not possible with any lender

Thrugelmir

jogirl61 wrote: »

I need to find a mortgage provider who will work with me and give me a mortgage despite the above.

Start saving a deposit.

maninthestreet

Start saving for a deposit - this may take a few years, and by then your BR won't be as 'recent' as it is now.