getting a mortgage when bancrupt

bexcarl

i went bancrupt in april this year, i am now discharged (just last week) i lost my job when i found out i had cancer and bancrupty was really my only way out. now i am discharged i pay back an amount each month which comes directly out of my wage (new job).

i have met a new partner and we want to buy a house together, apart from some late payments his credit is fine.

any advise/tips would be great :0)

thanks in advance

mr.broderick

Its bankrupt...
How's the cancer?

bexcarl

oppps
i find out in 3 weeks if im clear, got everything crossed, thank you for asking :0)

mr.broderick

Good luck to you sir.

nelly_2

**** me! you went bancrupt in april and discharged allready?

david29dpo

i was thinking that!

jonathon

nelly wrote: »

**** me! you went bancrupt in april and discharged allready?

I cant see a problem with this 12 months is normal now

Ms_Piggy_2

OK, I'm no expert but I imagine you may struggle on two counts.

Firstly, whilst your bankruptcy is now discharged it will still show on your credit file. You may find that you have to pay over the odds to get a mortgage as you are seen as a higher risk.

Secondly, you ill health may also affect your borrowing potential. It will almost certainly affect any life cover you are required to take out.

HTH

Alan_M_2

Since the bankruptcy goal posts were moved you'd be surprised how easy it is to get credit with this on your record, it just takes a little searching.

The old system meant you were bankrupt for three year before discharge, then if you did it again it was the same.

It was felt that this penalised a lot of people who were genuine cases and discourage entrepreneurs from taking risks.

So the system is now, first bankruptcy discharge is a maximum one year, often a lot quicker, but if you go again it's 15 years before discharge.

The up side of this is, if you've done it once you are now actually less likely to do it again as the penalty is so much more severe.

Just shop around and don't take up the first thing you're offered.

Good luck with the Cancer, the last thing you need when you have something of that magnitude is financial stress.

nelly_2

jonathon wrote: »

I cant see a problem with this 12 months is normal now

did you read it?


i went bancrupt in april this year, i am now discharged

thats 3 months ...less even

bexcarl

hello again

it is correct, when i went bankrupt i was told i would be discharged very quicky because i had been trying to resolve my situation for over 5 years, seeking advise and speaking to the companys i owed money to etc before making the decision to go bankrupt and trust me it wasnt an easy one and one i am still not proud of.

the letter i rec'd reads "you are entitled to an automatic discharge 12 months after bankruptcy order made against you but in certain circumstances discharge may be granted earlier."

thank you to all those that have offered advise and it is advise i will be taking.

take care