Help to buy discharged bankrupt

DM1985

My situation is I have a growing family and my current property is no longer suitable. I have put the property up for sale and expect to sell this fairly quickly.

I have a 5% deposit and need a 3 bedroom house, in my area the new builds are cheaper than pre owned homes.

The problem is that I have spoken with 4 brokers two that were recommended by Taylor Wimpey, they are all giving me different advice.

One says that HTB is possible through nationwide as I have discharged for 3 years.

One says that I have no chance of getting a mortgage never mind HTB, they also said that Nationwide only accept discharged after 4 years.

One said that a mortgage is possible however not using HTB but may be possible to get 5% mortgage.

One said that I would need at least 40% deposit.

I live in Scotland

What's people's thoughts on this?

Should I forget about HTB and just keep saving for a higher deposit?

ACG

The 40% deposit man is wrong. Ive placed discharged bankrupts with less than that. He is looking at adverse lenders only -give him a swerve.

Personally I would not fancy this, as I could see myself doing a fair bit of work and it not getting through...However that does not mean it cant be done.

Some lenders do say you need to have been discharged for a period of time and then they will consider it. There are lenders who say 3-4 years so im sure there will be lenders that will look at it. whether they will accept it or not is a different matter.

DM1985

Do you think that waiting until it's been 6 years since date of bankruptcy is a better option?

Without either HTB or a 5% deposit doesn't look like I will be able to purchase anything.

Have you had any experience with getting HTB when it's been 6 years since the bankruptcy?

ACG

No.

15% with bankruptcy is the lowest deposit I have had.

The longer you leave it the better chance of it going through. There is nothing to say it will not go through now, speak to one of the brokers who think it will go through - any fees you have to pay them, make sure your only paying on completion rather than application... that should prove how confident they are.