Mortgages after bankrupt

Reddo

When can I get a mortgage if I was made bankrupt in 2010??

queensland

I would imagine its 7 years + however long it takes you to build a credit rating. My husband had a bad credit rating, and it took him 3 years to build one up and get a mortgage

tigerfeet2006

You generally need to wait until the BR has dropped off your credit file, 6 years after your BR. You will most likely need a large deposit, 20-30% or more. So get saving now. You may have a higher interest rate to start. Your credit file will need to be squeaky clean and kept that way. Follow the clean up from the sticky. If you are asked 'Have you ever been Bankrupt?' You have to answer 'yes'. If you do not and are found out they can withdraw their mortgage offer at any point. There is checks they do when you apply.

Obviously this is the situation as it generally stands now. It could change in a few years.

Black_Eyeliner

I was sequestrated (Scottish BR) in 2007, discharged in 2010, and got a 95% mortgage with the Halifax last month. So there is hope for everyone.

I answered 'no' to the bankruptcy question, but the Halifax only want to know if it was in the last six years - http://www.halifax-intermediaries.co.uk/criteria/mortgage/default.aspx?filter=B

Good luck!

hazwas

I was also made bankrupt in Scotland (although it is irrelevant where this occurs as far as the lender is concerned) in 2007. Also discharged in 2010. I applied for a mortgage with Yorkshire Building Society in December 2013 and I was accepted. I made it clear I had been bankrupt. Their criteria is that you are discharged at least three years. They offer 85% maximum. Of course, you must have immaculate credit since you were declared bankrupt.

In a nutshell, if you have good credit, you have been discharged 3 years, you have have at least a 15% deposit AND you can afford the repayments, then you can get a mortgage. Just ensure that you call the bank to check their criteria before applying as it can change at any time.

hazwas

By the way, you start rebuilding your credit rating from day one of your bankruptcy. Get and repay small loans (I'm sure there is one on here that I took out for £60). You can also get a high rate credit card and use it for everyday expenses then pay in full every month so that it doesn't cost you anything.