Advice re 95% Mortgage and Bankruptcy

droiderm

My personal view would be it will be better in June next year.
It may be worth him getting a credit card in the meantime and of course paying it off in full every month.

Has he sorted all 3 credit files?
All of the default dates must be correct so they fall off next year.

kingstreet

Notwithstanding your success earlier, six years from date of discharge would still open up a larger pool of lenders, IMHO.

linziloo84

droiderm wrote: »

My personal view would be it will be better in June next year.
It may be worth him getting a credit card in the meantime and of course paying it off in full every month.

Has he sorted all 3 credit files?
All of the default dates must be correct so they fall off next year.

When you say all 3 credit files which are these? Excuse my misunderstanding. Have you any suggestions to which credit cards are the best to apply for in his situation?

kingstreet

Equifax, Experian and Call Credit;-

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

Capital One, Vanqis etc.

linziloo84

Capital One, Vanqis etc.[/QUOTE]

Thanks for this will make sure we do this sooner rather than later. As said he's signed up with Experian but we were unaware of having to sort the other two. Also re read my original post and I have skipped a year ahead, he was actually made bankrupt June 2009 not 2008 so he is only 4 years past, 5 next year! Also he's just made me aware that he had applied for a vanquis credit card a few months back but got refused! However last week he received a letter from Vanquis saying he could re-apply?:huh:

Salander

Well, there have been some developments. Firstly following my attempt to apply for a Save to Buy mortgage that turned into a customer service disaster, I complained and received £50 compensation from the branch and after HQ had listened to the subsequent phonecall, I received an apology and £150 compensation...more importantly I was given an appointment in branch the following day.
If yiu have been following my saga you will appreciate that a decline was likely, and that was how it turned out, BUT following a review of my credit report etc the advisor said he thought this was appeal able and phones the RU? They are the manual underwriters, prior to phoning he said that they wont even look at 90% of cases- they are Nationwides nasty gatekeepers. The man from the RUbsaid he would look at it! So I expected a decline, but sort of got a refer...im still hopeful- should I be?
The very next day I explained this to my father and low and behold he offerred an additional 5% plus , he the put it in my account! Wow!
it would have been more helpful previously to the meeting, but I really cant complain!
I rang the advisor who said this was really helpful to my applicstion and he would get back to me...
Now the waiting is killing me, ihave chased, when should I expect to hear?
Also, now I have 10% should I be considering other lenders? If so who?
Would going to a second lender, who would search, damage my chances?
thanks to all who comment!

alan_partridge

BargainMad wrote: »

Just to confirm droiderm, was your mortgage for 75% of the property value under the Help To Buy (Equity loan) scheme for new builds?

And the same question to Alan Partridge. Was your 95% mortgage actually 75% with Halifax and the other 20% an equity loan?

kingstreet wrote: »

No. It was 95% on NewBuy, with the builder paying 3.5% of the purchase price for the guarantee.

mine was NewBuy (i think), with no contribution from any 3rd party.. it was classed as a "95% mortgage", but in reality it was about 93% and i had to pay approx. 7% deposit

just to summarise:

first time buyer.
walked into halifax.
told them i used to be bankrupt and wanted to look into buying my first house but had no idea what i was doing/asking for/needed.
walked out with ~93% mortgage.
jumped through usual solicitor hoops, etc.
paid ~7% deposit.
exchanged contracts.
been living in my dream house since may.

hope others in this thread have as much success.

kingstreet

alan_partridge wrote: »

mine was NewBuy (i think), with no contribution from any 3rd party

If you bought a newbuild property on the NewBuy scheme, the builder paid 3.5% into the indemnity scheme.

You may not necessarily have known about that, as it does not happen at local level.

You would normally have to apply to the builder's linked lender via a nominated broker, so I suspect this may not have been NewBuy?

http://www.mortgagestrategy.co.uk/news-and-features/sectors/regulation/regulation-news/home-builders-federation-slams-lenders-for-not-supporting-newbuy/1048912.article

alan_partridge

kingstreet wrote: »

You would normally have to apply to the builder's linked lender via a nominated broker, so I suspect this may not have been NewBuy?

http://www.mortgagestrategy.co.uk/news-and-features/sectors/regulation/regulation-news/home-builders-federation-slams-lenders-for-not-supporting-newbuy/1048912.article

i'm not sure what you mean by this, but if you mean one would normally have to apply for a mortgage via their "approved"/preferred mortgage advisors then, yes, they tried that initially - but after it turned out that guy was a moron, we went elsewhere, and of course the developer was more than happy to accept our offer when we turned up with a mortgage from an independent source

i've just searched through my old emails, and all the communication from the solicitor does refer to "newbuy", so i assume it was this scheme that we purchased under

anyhope

Hi Tom i was wondering if you would mind sharing a few more details about your success at getting a 95% mortgage please , ie how long did you have the save to buy account before applying and anything else that you think might be helpful as i am almost 7yrs post bankrupt and being told i will need anywhere from 15% to 25% which would take me many years to save as i am not on great wages but enough to be able to afford a small mortgage . thanks for info