Ex-bankrupt mortgage

lowely

Dear All,

I have had a read through the recommended threads about ex-bankruptcy mortgages and it seems like certain people have managed to get a mortgage and others have been less successful.

I was hoping someone might be able to offer their views on how I would get on.......I earn about £51000 a year, have a wife (not working) and child. I was made bankrupt 6 and a half years ago (so it is no longer on my credit file) and I would be looking to buy a £300,000 property (with about a £100,000 deposit).

If anyone has any insight, tips on applying or views on if I would be accepted I would really appreciate the help!

Thanks!

Lowely.

Eve1975

I am currently waiting for a response from Nationwide as have just done a joint mortgage application with my partner. I have just passed 6 years since my bankruptcy.

We have put down £88000 deposit and asked to borrow £127000.

They have not said no but are going through the application with a fine tooth comb. Was hoping for a reply today as FA said should hear back this afternoon.

The bigger the deposit the better...but let's see!

lowely

Hi Eve,

Thanks for the post. I would be really interested to hear how you get on. If you don't mind me asking, what interest rate were they offering?

Thanks!

Lowely.

Eve1975

It is 2.89% over 5 years fixed.

The LTV is 59%.

Nationwide keep coming back asking question after question regarding the ins and outs of my bank account. There is nothing terrible on it, just normal living, no overdraft, but they are still asking a few things.

The FA has dealt with former bankrupts before but even he said they really are going over things thoroughly. No questions asked about partners accounts.

I will post when I get a response from them.

louiseca

Hi there

We recently applied to Nationwide for a mortgage at LTV of 60% (£100k deposit) and we were turned down. Both my husband and I went bankrupt in 2009, so had been discharged over 3 years.

We immediately applied to Yorkshire Building Society who within 2 hours had approved us in principle. Once we found the house we wanted we went back and slightly increased our borrowing and again, we were approved within the hour.

We have now put in the full mortgage application which has been approved and we have got a 5 year fix at 2.44%. We are borrowing approx £160k on a house purchase just under £250k. YBS seem to move a lot faster than Nationwide and I have found them really helpful and efficient so far.

Good luck

Lou

izools

I was about to say Yorkshire Building Society.

I was not only approved in principle, but underwritten for and given two formal offers of mortgage last year from YBS - didn't proceed in the end one due to discrepancies in building work that had been done to the property and the supporting paperwork and one because of a discrepancy on the title plan with the land registry that would have taken forever and a day to iron out.

Blessing in disguise really given that I've had to give up work to become a full time carer.

Anyway, I digress.

YBS are IMHO absolutely fantastic. Their underwriting team are very helpful, fast, friendly and concise. The polar opposite of Nationwide.

They were happy to accept my application knowing about my prior bankruptcy and defaults, and didn't even reduce the income multiple they were willing to lend.

I applied to them 4 1/2 years after going BR.

Good luck! :beer:

lowely

Thanks all for the replies - I really appreciate it!

Wow - it sounds like YBS are the way to go. I think I will call them and see if they will be willing to take me on. I feel a bit more hopeful now especially as the info about Nationwide seemed a little depressing.....

Fingers crossed!

Thanks again.

Lowely.

Eve1975

I did contact YBS before Nationwide but they were being really strict on what they would lend despite being able to afford more. But after reading this thread seems they are a good bet and also have good rates.

I am still waiting for a decision from Nationwide as they are still picking my bank account to pieces!

They really are going over things with an extremely fine tooth comb! Felt quite stressed today!