mortgage

pennypg

I was made bankcrupt ten years ago. Since then I have rebuilt my credit and I am now in a position to be able to afford a new home on the Help to Buy Scheme. However I have noticed one of the questions for the mortgage is have you ever been bankrupt. Now I have checked and it is not on my credit file any more so do I need to declare it. Any advise would be helpful.

luvchocolate

If the question is asked then sorry but you have to admit it, as its on file at the Gazette for ever, and to put no it could be regarded as fraud.

alan_partridge

pennypg wrote: »

I was made bankcrupt ten years ago. Since then I have rebuilt my credit and I am now in a position to be able to afford a new home on the Help to Buy Scheme. However I have noticed one of the questions for the mortgage is have you ever been bankrupt. Now I have checked and it is not on my credit file any more so do I need to declare it. Any advise would be helpful.

i was in a similar boat recently, except that i applied for a mortgage literally days after the BR disappeared from my credit files.. reading all the nay-sayers on here, i was convinced i was going to be scuppered by exactly the same thing you are worried about.. but i wasn't! i just went into a few high street lenders, was 100% honest about my situation and history, and came away with a couple of decent offers.. i didn't have to jump through any hoops or anything - just asked for a mortgage, and got one, at an excellent rate

the two most important pieces of advice i can give you (or anyone who has had a BR recently disappear from their credit history) are:

1) be 100% honest when talking to mortgage lenders.. if you fib or get any questions wrong, you are only setting yourself up for problems later on.. don't worry about questions such as the BR one, because...

2) do not listen to the nay-sayers on here! there are many, many helpful people on this forum, and they were instrumental in helping me to clear up my credit reports and get myself to the wonderful position that i now find myself.. however, there are also people who work as mortgage advisers/lenders/etc. and it is not in their interest to give this information away for free.. ever wonder why they have to have disclaimers in their signatures? that's why.. some may seem like they are trying to help, but really they either have an axe to grind and want to put you off, or they want you to seek out professional help and hope to redirect you (and your commission) to a mortgage advisor.. i know that's very cynical, but it's just being pragmatic - again, look at all the disclaimers and rules that MSE make them stick to

so try not to worry, and see my thread here for some more detailed info about my case:

https://forums.moneysavingexpert.com/discussion/4351081

tigerfeet2006

As has been said you need to answer yes to this question.

The distance of your BR will help you as well especially if you have had credit and managed it correctly in that time.

I don't think there are any nay Sayers on the BR board. We just say that it can be difficult and that you may need a biggish deposit.

We have had a couple of successes recently so good luck.

IF

Have a look here too :beer:


Lorax's thread Mortgage after BR - Click here


Best wishes
IF