Bad credit mortgage

lowely

Wow - complicated stuff. Thanks again for the replies. I might speak to the Leeds building society and see what they say........I want to be 100% up front and honest as I really don't want to get 2 months down the line and have it bite me. I think it is important to get off on the right foot and my entire past credit experiences have taught me the need to be honest and responsible.

We have an extra 10,000 set aside for fees and moving costs. Do you think this would be enough?

drdpj

Stamp duty will be £9000 alone. Purchasing, the legal side will be around £1-1.5k including searches and so on. Add in more for survey etc... And don't forget the cost of a van or the movers! Personally I'd allow around £12k to have a bit of wiggle room (I'm sure some would think that's on the low side).

NorthernOne

kingstreet wrote: »

I don't agree with L&C.

Some lenders are happy with a "no" answer to the question "have you ever been bankrupt" when it is more than six years ago and others aren't.

As a broker, you need to establish the lender's position, before you decide on how to answer the question which is asked.

The point here is the solicitor acting for you and the lender carries out a bankruptcy search close to exchange of contracts. If you've informed the lender and it is notified of the positive search result by the solicitor, there will be no problem.

If a broker assumes the lender wants a "no" answer because it's more than six years ago, then the lender gets the search result and is unhappy with the initial declaration, it may then become an issue.

You can ask the solicitor to run the bankruptcy search at any time so if you are worried about this then ask them early to run this (costs £2 i think) but its likely it will have to be done again nearer the exchange.

Some lenders maybe happy with a no answer after 6 years but is it worth hiding it only to be found out later in the process? You are best been upfront with the fact you were once bankrupt in my view and show you have kept a clean sheet since.