help to buy for ex-bankrupt

pharmo_2

I am a discharged bankrupt who has just passed the 6 year milestone this week. The banruptcy and all defaults have disappeared from my credit file.

I currently earn £43250 per annum and am in the medical profession and have 5% deposit for £160k property. Just did a soft search on natwest mortgage and to my shock discovered they do not lend to ex bankrupt (even though 6 years ago!).

Does anyone have any experience with other lenders - considering ex bankrupt and only 5% deposit so would heel help to buy mortgage.

Thanking in advance for any help.

leveller2911

pharmo wrote: »

I currently earn £43250 per annum and am in the medical profession and have
5% deposit for £160k property. Just did a soft search on natwest mortgage and to
my shock discovered they do not lend to ex bankrupt (even though 6 years
ago!).





Thanking in advance for any help.

Save for a larger deposit, income of £43k a year wouldn't take long.

A 5% deposit on those earning is pitifully small.I'm sure the mortgage advisors will be along shortly , you may well struggle with such a small deposit and being ex BR.

pennypg

I have just exchange on a property we have bought through help to buy. I was declared bankcrupt in 2004. The DIP through nationwide took four weeks as they went through our finances with a fine tooth comb but it was worth it

MoneySaverLog

Nationwide ask have you been declared bankrupt or entered into an arrangement with creditors in the last 6 years or something very similar.

Not been bankrupt, but did a IVA and entered it over 6 years ago so could and did say no.

Then told I had to use broker, which was incorrect advice. They asked a different question which resulted in the application being scrutinised by underwriters.

Today I got the nod, though I am putting up 20% and taking 20% HTB loan. Just would like to say, Don't give up there are options.

pennypg

If you look under the bankruptcy part of the forum you will see my help to buy journey and it will show that although stressful it is possible

pharmo_2

Many thanks for all the help. Will have a look through nationwide mortgage options and will probably end up trying to find a mortgage broker.

MoneySaverLog

Penny looks like it all moved nice and quickly following the DIP for you. I have a 28 day deadline to exchange, and waiting on ATP from Orbit to do the full application now.

Hope I can get this all done for the 13th Jan, which is the planned exchange date with completion planned for June.

kingstreet

pharmo wrote: »

considering ex bankrupt and only 5% deposit so would heel help to buy mortgage

Mortgage Guarantee, or Equity Loan?

Nationwide does not offer Mortgage Guarantee products.

Salander

Hi,
im in a very similar situation, my BR & defaults fall off at the end of Jan. Try Aldermore Building Society- they do Help to Buy mortgage guarantee & when I spoke to them they were hopeful- although their rates are higher at 5.9%

Can you let us know how you get on?

leveller2911

Salander wrote: »

Hi,


im in a very similar situation, my BR & defaults fall off at the end of
Jan. Try Aldermore Building Society- they do Help to Buy mortgage guarantee
& when I spoke to them they were hopeful- although their rates are
higher at 5.9%

Crikey, 5.9% currently ,with BOE base rates their lowest for 300 years ,the only way interest rates can go is up .

pharmo_2

kingstreet wrote: »

Mortgage Guarantee, or Equity Loan?

Nationwide does not offer Mortgage Guarantee products.

Thanks, I am looking for mortgage guarantee as old property. Dammit didn't realise nationwide didn't do mortgage guarantee as I say 95% mortgage on their site!