Mortgage hope?

hisandhers1978

I wonder if anyone could help or offer any advice.

My wife and I went bankrupt in March 2011 discharged march 2012 so we are almost 2 years discharged.

Since discharge we have worked really hard to repair our credit reports and they are all up to date now with all correct dates showing etc.

We both were successful in obtaining a Vanquis credit card and have built the limit to £3000 on each card by paying the balance in full when ever we use it.

Last year we also manage to get a car loan from moneybarn borrowing £18500 all beit at a horrible APR!

As part of the bankruptcy we had a house re possession with Northern Rock and now currently rent privately.

My wifes salary is £65,000 and i am self employed with a new business that has been running 12 months showing a net proffit in year one of £19500.

Now i know it depends on each individual case but what are our chances of obtaining a mortgage and what sort of deposit would be required and what price of house would we be looking at?.

also is the 5% help to buy scheme going to be an option to us?

Thanks in advance.

Hisandhers.

tigerfeet2006

The chances are slim to none until the BR is off your files. You will also need a substantial deposit especially with a repo on your files.

At least you will have time to save the deposit and make sure your files are clean and you are building up positive green ticks on it.

When it is time to go for a mortgage go for a whole of the market broker and not just your high st bank.

If you search this board you can find a few mortgage success stories.

TheGardener

Hi - unfortunately I think tigerfeet is right - 6 years seems to be the norm and even then it can be tricky.

How much - the old rule of thumb is 3.5 x your regular salary
Deposit - I would aim for as much as you possible can but at the very least 20%. Is it possible that an £18.5K car + high interest is a lot if you are saving hard for a deposit :eek:

If you work really hard to save, earn a good credit rating and manage you credit file impeccably (no loans, searches or missed payments) in the 6 months running up to your 6 years 'drop off' then you stand a chance of getting one I would think.