Advice on mortgage after bankruptcy

Redpeppers

Hi there,

Hope I am asking this question in the right place? Apologies if not.

In 2007 my husbands company went under and as a result we both filed for bankruptcy.

6 years on, we still have a couple of accounts showing default that were included - currently working on getting these removed.

In the 6 years we have not had any defaults or late payments.

We have a joint income of £56,000

We have a car on hp at £183 a month

We are in social housing in a London borough and have been offered £50,000 to buy in the private sector.

We have seen do-a-upper for sale for £285,000 (most on this street sell for £350k +

Do we have a hope in hell's chance of a mortgage? The 50K would be equity but can't be released until moving day so can't be classed as a deposit. Advisor from the council mentioned exchange and complete on same day to get round this.

I'm so lost and really not sure if this is all a pipe dream. If anyone can offer an opinion I'd be very grateful.

Dave_Ham

Possibly, do everything you can to get your Experian, Equifax and Call Credit reflecting accurately and engage a decent mortgage broker.

Best of luck

Redpeppers

Thanks for your reply.

Have you any experience of this situation?

How does one know if a broker is 'decent' any key things I should look for?

Trying not to get my hopes up but easier said than done!

Dave_Ham

The 2 key components here will be your broker and the accuracy of your 3 credit files..

This is likely to have a home, but is also likely to cost you via an experienced broker. An inexperienced broker may cost you to, but in an unsuccessful way.