Bankruptcy and mortgage

Lyla1234

Hi all, I'm looking for some advice. My husband and I were made bankrupt in April 2009, so we will be 5 years out this April. We have been given 35k from my grandmothers estate when she passed earlier this year. We would love to buy the house that we currently rent, we have great neibours and a my children have great freinds here. Our landlord has told us he's putting our home up for sale. House has been valued at 325k

My husband and I earn around 95k a year between us so we have the income and the deposit but cannot get a mortgage company to lend to us! I know it's kind of our fault because of the bankruptcy (we we're not earning this kind of money back then and were in a bad place)

Does any one have and tricks or hints to help?

We don't want to loose this house or wait another year with house priced set to go up by 8% this year.

Lyla1234

Also just to say neither of our parents are willing to help by being guarantors

2kadmin

Hi,

What does your credit file look like? Is everything shown as satisfied? Have you obtained any credit since discharge? Are you both on the electoral role?

Sorry about all the questions but they will help us get a picture of where you are, and possibly offer you some decent advice.

2k

luvchocolate

Hi...did you have a property repossessed? some lenders will never lend if thats the case. I hear people on here getting mortgages usually through a broker but would need a large deposit around 40%.
Try a broker and see what they say....good luck x

arcon5

A house well over quarter of a million with a 11% deposit - you'll find it very difficulty. With your level of income that will certainly play in your favour. But I suspect any lender would be looking to lend you £200k tops with BR on your file.

What about asking the owner if they'll do a part buy part rent scheme? Then when the bankruptcy drops off your file that may help a lot

Lyla1234

Hi all, we are on the electoral role and have never had a mortgage before so never been repossessed. Our credit file is very poor :-(
The part rent part buy scheme is a really good idea! I'll look into that. Thanks x