Bankruptcy and Mortgage????

Savvie00

I declared bankruptcy in 2000.....we are now looking to get a joint mortgage but questions are asked 'Ever been Bankrupt?' declare yes and get turned down. I thought that I would be clear and not have to declare anymore after 2010 but they ask 'Ever...' not recent or current ......Is this legal, moral, ethical or not?
Do I still have to declare or am I safe not to...

ACG

Its legal yes. Its ethical as they have a responsibility to their employees, customers, shareholders to know their customer.

answering yes is not usually an automatic decline. Answering the question as no is a lie and mortgage fraud.

Speak to the lender, ask them if its an automatic decline if you have ever been bankrupt.

I have one going through at the minute for someone with bankruptcy from 2006. The lender are not bothered in the slightest about it, they just wanted the discharge form.

Thrugelmir

Savvie00 wrote: »

Is this legal, moral, ethical or not?

An individual business is within its rights to determine who it wishes to conduct trade with. There'll be a lender in the market who is happy to accept business. A broker probably is the way to find them.

steve4mandy

Myself and a few others on here have had great success with Nationwide. Your AIP will be automatically referred.


Make sure you have a discharge notice, and your accounts and credit files are well run and A1 clean.

I went through a broker who was first class.


A large deposit is a must.

NorthernOne

Savvie00 wrote: »

I declared bankruptcy in 2000.....we are now looking to get a joint mortgage but questions are asked 'Ever been Bankrupt?' declare yes and get turned down. I thought that I would be clear and not have to declare anymore after 2010 but they ask 'Ever...' not recent or current ......Is this legal, moral, ethical or not?
Do I still have to declare or am I safe not to...

It will always be on your record so by declaring no if the question is ever you are committing fraud and risking markers on your credit file.

For bankrupts you need to ensure that 1. It’s over 6 years since discharge (this can differ per provider but from my experience it was 6 years) 2. Ensure your record since discharge is as pure and clean as the pope as any missed or late payments will have double the impact. That applies to both of you. 3. Don’t just apply assuming you will be accepted and phone around and ask the bank/building society if they will consider you first. Try and use banks/building societies that do not rely on automated decision making as you need your application looked at by a person not a machine.

Good luck.

antrobus

Savvie00 wrote: »

....Do I still have to declare or am I safe not to...

If asked the question you should answer it honestly.

Your bankruptcy is a matter of public record. Details will have been published in the London Gazette. It's not that difficult to find.

http://www.london-gazette.co.uk/issues/recent/10/personal-insolvency/bankruptcy/start=1

SantaKlaus

It shouldn't be a prob as long as there is no other bad things on your credit file, like missed payments or defaults. I was bankrupt in 2005, i've just exchanged contracts, now i'm waiting to complete.

Use a whole of the market broker, it wont be a problem. That's what i did.

Savvie00

Many thanks for all your replies... we were thinking of a broker... you have just confirmed that for us.... its a shame company's don't see it from our side... input very informative... Thanks again...:):T:)

Wh05apk

antrobus wrote: »

If asked the question you should answer it honestly.

Whether you are asked or not you should declare it, as some advisors/brokers may "assume" you are not bankrupt unless you inform them, then they can answer the questions correctly, something so important should not be left to chance.