History of Bankruptcy, Can we get a Mortgage?????

Petre0070

My Husband and I are desperately trying to get a mortgage. We are buying a council home and have been given a £75K discount, we both work full time with good salaries and permenant jobs.
However....my husband was bankrupt years ago and his order was closed off in 2006 and this no longer shows on his credit file which we have had confirmed.

However Natwest have refused point blank without running/processing any checks.

Is there any providers out there that would consider us????

Any help would be hugely appreciated :-):(

ACG

RTB and bankruptcy - could be tricky.

In your favour is the age of the bankruptcy. It will come down to the credit reports since then and the rest of the application.

I would suggest speaking to a broker, as not all lenders will accept this and some may want you to put down a deposit (they would not accept just the discount as a deposit).

Audrey_Wright

The bankruptcy was quite some many years ago, and I guess your record will show you did good after it occurred.

This can give at least a slight reassurance that you're financially stable and have been for years.

As for checks, I think your best strategy is to be open about the bankruptcy. It happened, you did good after it, end of story. If you try to hide is as some sort of dirty, forgotten secret, it will only make you look unworthy of trust and thus mortgage, once it comes on the surface.

In any way, if you're to go forward with a mortgage, be absolutely sure you can take care of it until the end. Should a problem appear any time during the mortgage, the bankruptcy will be a kick in the kidneys.

Yorkie1

Audrey_Wright wrote: »

The bankruptcy was quite some many years ago, and I guess your record will show you did good after it occurred.

This can give at least a slight reassurance that you're financially stable and have been for years.

As for checks, I think your best strategy is to be open about the bankruptcy. It happened, you did good after it, end of story. If you try to hide is as some sort of dirty, forgotten secret, it will only make you look unworthy of trust and thus mortgage, once it comes on the surface.

If they are asked about ever having been declared bankrupt, then they must declare it or it is mortgage fraud. It's pretty clear cut - there isn't a lot of discretion about what they choose to reveal if asked.

In any way, if you're to go forward with a mortgage, be absolutely sure you can take care of it until the end. Should a problem appear any time during the mortgage, the bankruptcy will be a kick in the kidneys.

What do you mean by this? Once granted the mortgage, the previous bankruptcy is irrelevant. The lender has to treat them the same way as any other borrower if there are subsequent difficulties.

Petre0070

Audrey/ACG,

Thank you for your comments. We have been advised to approach a broker and I think that will be the best option.

Considering we were only 18 and 21 hopefully we will find a lender that recognises we have positively moved forward!

Thank you.