Almost 6 years since bankruptcy - remortgage??

greybear40

Hi to everyone on the board. Just looking for some advice but slightly complicated so sorry if this is long-winded. I currently have a mortgage with ex husband and wish to remove him from mortgage and add my partner who has been living at address for 2 and half years. He is currently bankrupt (dated 18 June 2008, discharged one year later). My current mortgage is £26,500 and we want to borrow £50,000 as he has our caravan loan on hp which is around £17,000 left to pay and we want new windows and to clear all credit cards. Current property value is around £70,000 at a guess. First question is on Experian only 2 of the 4 defaults are showing from his bankruptcy but all 4 are showing on Noddle and 1 doesn't end until a month after bankruptcy date, shouldn't they still be showing? The property is timber framed so we can't go to all lenders but our mortgage advisor reckons Halifax would lend to us once bankruptcy ends as they only ask for details of any bankruptcy in last 6 years when you apply now. We switched banks to Halifax just over a year ago, don't know if this helps. My credit has been poor in the past but now the only blip is an arrangement from Studio that went back onto normal payment terms in Jan this year and some missed Provident payments from over 3 years ago (not my fault, down to collector!) My partners credit actually seems better than mine and we were shocked when Barclays lent him £18,000 for the caravan but we knew that was only temporary and it would be much cheaper for us to tie it in with the mortgage. Sorry about the long message. Just want to make sure after bankruptcy drops off file we can go for it!

fiveyearplan

Have you thought everything through with this? Having been bankrupt myself (similar timing to your partner) it really makes you think differently. First of all, have you and your ex reached a settlement? Presumably he would be entitled to something?

Would you really want to increase your mortgage? What is your age? Age of your partner? How long could you get a mortgage for? Are both of you working? what is your income?

So many questions to think about. I would never now add consolidated debt onto my mortgage. That just makes it go from unsecured to secured and that is rarely a good idea.

dadoandrew

I am also wondering about the life span of a bankruptcy. My wife was made bankrupt 6 years ago and I was in a trust deed. I thought 6 years was the time limit but I have been told that the bankruptcy trustees can claim anything indefinitely, which seems a bit unfair. So if anyone has info on whether the bankruptcy does indeed drop of file I would be most interested. P.s I am in Scotland, I do not know whether Scots financial law differs from English law.

greybear40

Thank you for your reply. My ex moved out 12 years ago and only lived in the house for 2 years so just wants us to pay his legal fees for new deeds to be drawn up as he now has a mortgage with his partner. We are both working and have over a £1000 saved for legal fees/costs etc so far. Our income is around £32500 per annum and we are both in permanent employment for large companies. Our mortgage payments would increase from £180 to £250 a month which is still very low in this day and age but we will no longer be paying £300 a month for the van on top plus it will clear our 3 credit cards including my high interest Vanquis card and also clear other smaller debts so saving us around £450 a month. We will also be able to have double glazing which we currently don't have and make some home improvements that are needed. We are both 40 but are looking to get a mortgage that we can pay extra on if we want to. After speaking to an independent mortgage advisor who has been recommended to us we should be in an excellent position to proceed once the bankruptcy has gone and once my exes name is off the mortgage I will be a lot happier. I would like to start sorting things out at the end of June re the mortgage but need to contact Northern Rock re the one default that has the incorrect default date on. Does anyone know if there is still an address to write to them at as I know they now no longer exist? Thank you