Mortgage

chadman2006

After some much needed advice.

I was discharged from my bankruptcy in November 2009, and come May 2015 my credit score should show no adverse credit on there.

Now my question is this. I have been saving money each month in order to try and obtain a mortgage in 2015. I currently have two direct debits coming out each month one for O2, but i had this before i was declared bankrupt. And the other is my car insurance, which i managed to get on monthly direct debit back in 2012, how i dont know but it went through.

What will the implications be if i apply for a mortgage with my partner in 2015. Will her credit rating be affected, even though it will have been over 6 years since i was declared bankrupt?

Would it better to have her as the lead on the mortgage, if there is such a thing.

Any advice would be appreciated.

National_Debtline

Hello there.

Your bankruptcy order would stay on your credit file for 6 years from the date the order was made, so as you say in 2015 you should be in a much better position to apply for a mortgage.

It's unlikely that your partner's credit file would be affected simply by applying for a mortgage unless they apply for lots of credit in a short space of time. One thing that may happen (if it hasn't already done so) is that your credit files could become financially linked if you have a joint financial product (such as a mortgage, bank account, loan etc.) - as such your credit score could indirectly affect your partner's.

When considering a mortgage it is vital that you seek financial advice so that you can ensure you're getting the very best deal.

As far as credit referencing goes, we have a useful fact sheet which you can find here:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=05_credit_reference_agencies

Best wishes,

David @ NDL.

chadman2006

Hi David

Thanks for that.

We have got no credit together, ie bank accounts, loans etc for the reason i didnt want it to effect her credit file.

And i know i will still have to declare that i was once bankrupt, but surely they check this when applying for a mortgage?

Thanks

National_Debtline

chadman2006 wrote: »

Hi David

Thanks for that.

We have got no credit together, ie bank accounts, loans etc for the reason i didnt want it to effect her credit file.

And i know i will still have to declare that i was once bankrupt, but surely they check this when applying for a mortgage?

Thanks

Hello again.

You'll both be credit checked, some lenders may check the insolvency register too. You're absolutely right that you might be asked if you have ever been insolvent - I was when I applied for my mortgage.

Although I'm unable to tell you what the outcome will be for you I can say that we have spoken to scores and scores of people that have previously been bankrupt and now have mortgages.

David.

Eve1975

I have just got a mortgage with my partner. Mine was 6 years after bankruptcy.

We went through Nationwide. We did have a big deposit though which did help. Nationwide went through my financial affairs with a fine tooth comb and was worried we would not get a mortgage at one point (took 9 weeks to get an offer!)

I made sure all my credit files were cleared once the 6 years were up. Before this time I had an 02 mobile phone contract, a Next account, a Vanquis and MBNA credit card to show I was responsible with credit.

chadman2006

So by the looks of it, with hard work and saving there is a chance to get a mortgage.
Well heres hoping anyway.

Thanks

National_Debtline

chadman2006 wrote: »

So by the looks of it, with hard work and saving there is a chance to get a mortgage.
Well heres hoping anyway.

Thanks

I think you have a good chance. Bankruptcy is designed to allow people to make a fresh start, it cannot punish people forever. The vast majority of the people we speak to fall in to unmanageable debt due to circumstances beyond their control, it's completely unfair to prevent anyone from rebuilding their lives!

David