6yrs past Ex-bankrupt morgage??

Lucky_duck_3

Hi,
I'm very new to this so just wanted to first of all say hi :-)

After being bankrupt, I've now been discharged for 6 and a half years,and would love to apply for a morgage. Im continually saving and I currently have a deposit of 6k, with the hope of at least doubling it by Christmas. Since being discharged,i have rebuilt my credit history (as difficult as it has been),which scores at 989-excellent,with no defaults at all. My salary is 35k per year and I would be applying for a morgage on my wage alone.
I have a few questions and would appreciate any advice anyone could give.
Can I get a morgage?,if so who with and where do I start?
Do i qualify for the help to buy scheme?
Can the fees that add up when buying a property be added to the morgage?

Thanks for your help people xx

ACG

1) Yes, a broker is probably a good start though.
2)Its not something i have ever used but i dont think bankruptcy is enough to stop you getting it.
3)Depends on the lender/Product.

Lucky_duck_3

Wow that was fast!! :-) thanks for your help. Would it be best if I went to see an independant financial advisor or just straight to a broker? I'm worried about more fees and costs so need to keep them to a minimum.

kingstreet

The terms "IFA" and "broker" are normally interchangeable, although there may be some IFA firms who do not involve themselves in mortgage business.

Look for a mortgage broker offering an independent or whole market mortgage service. The former means you pay a fee, have any lender commission rebated to you and you will be advised on non-commission paying products.

Whole market means the broker will look only at commission-paying products and this may still involve a fee, albeit a smaller one.

If the lender accepts business from brokers, there may be an arrangement service alongside the advice.

You should be provided with an initial disclosure document early in your dealings with a broker. This explains the service and fee options open to you.

ACG

IFAs tend to lean more towards pensions/investment business. Your probably better off with a Mortgage Advisor/Broker - as kingstreet says whole of market or independent will open you to more options.

Avoid estate agents brokers though, you need to be sure theyre working in your interests - not the estate agents.

Eve1975

I have just past the 6 years since bankrupt stage (5 years discharged) so credit file looking good now.

My partner and I have applied yesterday for a mortgage with Nationwide so will find out soon whether successful or not. If you go onto the Bankruptcy board and post there is a link to who deals with ex bankrupts.

Yorkshire Building Society and Skipton deal with ex bankrupts.

We have gone through a financial advisor and he has been fantastic.

The thing that will help is getting together as much money as possible together for a deposit. I have been lucky in that my partner has a big deposit to put down and hoping that will be a positive for the Nationwide.

kingstreet

Did you disclose your bankruptcy on the application to Nationwide?

Eve1975

Yes I have. Sent in a copy of discharge certificate with the application.

kingstreet

Excellent. Many people think as it is no longer visible on their credit file a lender can't find out about it. I have a case where the applicant passes six years from date of discharge on 17 August 2013 and she was surprised when I told her not to apply to one particular lender until after that date.

When I explained to her that when the solicitor does the search close to exchange it will come to light and the lender will then withdraw her mortgage offer because she had not got the six years out of the way before she applied, she understood she could lose hundreds of pounds of wasted fees and the house she wanted.

Anyone reading this, make sure you check your lender's criteria, disclose the relevant information and give yourself some peace of mind and don't waste your money.

Eve1975

Just heard AIP agreed but now needs to go to head office to be gone over in more detail. Fingers crossed.

tom1984

interested in the outcome of this what was your LTV if you dont mind me asking?