How to proceed with mortgage application?

Jaffa_cake

Hi all,

We have saved up £30,000 and we want to buy a cheap property worth £60,000.

We will then over a year, replace kitchen, bathroom, etc,,,etc,,,

We have decided that we don't want the loan period to extend past 5 years.

I was declared bankrupt about 8 years ago.

I (we) haven't made any applications yet, in case this is refused for any reason, and hampers our following applications.

Can people please suggest our way forward.

Thanks

chambta

A good broker given the bankrupcy I'd suggest.

Mokka

With such low LTV I would think many lenders would be interested, but some, like Santander, won't accept anyone who was ever bankrupt.
either study landing criteria carefully or as the other poster suggests, have a broker do this for you.

pennypg

I was declared bankrupt in 2004 and just managed to get a mortgage with my husband with nationwide so it is definetly possible and my mortgage will be a lot higher than what you are looking for. Our IFA was brilliant and was constantly chasing them after our DIP referred. They went through our finances thoroughly and the DIP took nearly three and a half weeks but once they accepted that the full mortgage application only took four days. Be ver positive about it you will get there as long as your credit history is clean since the bankruptcy

Jaffa_cake

Would it be better if just my wife applied for the £30,000?
Leave my name off any application.
Put the house in her name completely.

She now earns £19,000 = £1580 per month.
She saves a good £500 a month

I got the bankrupt order in February 2006.
So it was 7 years gone, in February 2013.
It will be of course, 8 years past by the time we will apply in Spring 2014.

JC

pennypg

You need to speak to a broker who can advise