getting a mortgage after bankrupcy

greatfloyd69

Hi, I was wondering if anyone could help.....

Cutting a long story short, my other half declared bancruptcy in Jan 11, discharged July 11. He has been paying off an IPA since, due to end July 14 (fingers crossed!)

We have learnt yesterday we need to move out of our rented house in the next 3 months (we moved in March 11 wanting to stay for 5 years while we got ourselves sorted) and we are suddenly faced with weighing up our options sooner rather than later, do we rent elsewhere for another 2 years or try to get ourselves sorted to purchase.

My question is pretty simple really, I have skimmed the forum here to see if it has been answered already, but got about 5 pages in and couldn't find the type of info I needed... Would he even be viable for a mortgage now? And if he would be, who with??

Thanks for your help, I find this forum invaluable for advise.

NorthernOne

Why was he BR? did they have a mortgage previously?

Its unlikely he will be considers for any mortgage that soon after BR and its normally 6 years after discharge with a totally clear 6 year history and even then is not guaranteed.

You can try the specialist brokers/providers but again I would find it unlikely they will offer anything.

greatfloyd69

They had a joint mortgage and a joint remortgage, and we think the ex forged signatures to gain a third.... Yeah I see where this is going....

colmac71

Hi,

I went BR in April 2008 and got a mortgage with Mansfield Building Society (as they looked at the application rather than just a computer response) in October 2012.
I think (but don't quote me on this) from when I was looking, there was just a few lenders available.
I had to put down 25% with Mansfield.
The other one who did consider me was National Counties Building Society, but they had a lending policy at the time of amounts over £125,000 which I didn't need.
There's a rather good guy called Dave Ham (search on this and the mortgage forum) who is really good! He is a broker who knows his stuff like you would not believe.
Hope that helps

Watto30

Hi

Just wanted to provide a bit of hope for anyone looking into mortgages after bankruptcy, it can be done as I went bankrupt in 2006 and got a joint mortgage with my partner in 2012, I did look into it before 2012 but got told by several financial advisors/brokers that its only really 6 years plus from discharge date that they will even consider giving a mortgage.


I actually thought it would never happen for me and that either I would be stuck renting forever or partner would have to try and get the mortgage in his name only or that we would have a ridiculous interest rate but thanks to a very good mortgage broker who I found through this site we managed to get one through Leeds building society, from my research I was told not to approach banks/building societies direct but to go through a broke, hope this helps


To the op 2011 may be too early but might be worth asking this on the mortgages and renting board as some very helpful people on there, I hope you can get some helpful answers

longtermplanner

How large a deposit do you two now have? If you are looking at a very large deposit, say over 30%, and a low loan-to-income value, then a specialist broker may be able to help you. But a more normal deposit, then no, it's way too soon.

NorthernOne

Watto30 wrote: »

Hi

Just wanted to provide a bit of hope for anyone looking into mortgages after bankruptcy, it can be done as I went bankrupt in 2006 and got a joint mortgage with my partner in 2012, I did look into it before 2012 but got told by several financial advisors/brokers that its only really 6 years plus from discharge date that they will even consider giving a mortgage.


I actually thought it would never happen for me and that either I would be stuck renting forever or partner would have to try and get the mortgage in his name only or that we would have a ridiculous interest rate but thanks to a very good mortgage broker who I found through this site we managed to get one through Leeds building society, from my research I was told not to approach banks/building societies direct but to go through a broke, hope this helps


To the op 2011 may be too early but might be worth asking this on the mortgages and renting board as some very helpful people on there, I hope you can get some helpful answers

That is nearly identical to my situation other than I applied direct to the Leeds on my own with 10% deposit. Leeds is 6 years from discharge and they will consider you.

I would sit with the phone book and start with building society who are more likely to look at you rather than the computer.

:T

Watto30

NorthernOne wrote: »

That is nearly identical to my situation other than I applied direct to the Leeds on my own with 10% deposit. Leeds is 6 years from discharge and they will consider you.

I would sit with the phone book and start with building society who are more likely to look at you rather than the computer.

:T

Hi northernone


Am glad you had a good experience with Leeds too and got your mortgage with them, must admit I was a bit stunned when our broker said yes they will give you a joint mortgage! we did a 95% one with them as didnt have a huge deposit and would have meant waiting six months while house prices rose, I really can't thank Dave Ham on the mortgage board enough as he really does know his stuff, we were lucky that he was local to us so used him as our broker, really great bloke!


I dont know about you but still pinch myself sometimes when i look at our new home as never thought it would happen


Good luck to anyone in a similar situation