Discahrged Mortgage

mackmill

Hi, I'm new to this forum.
My wife & I went bankrupt in June 2011 & discharged in June 2012.
We are in the process of cleaning our credit files up & wondered how long we would have to wait to buy our own home?
I have a small Ltd business and my wife works part time.
Combined income would be £40.000 pa. We would be looking for a property around £170.000 with a deposit of £20.000 to £25.000
I'm 48yrs so I would only be looking for a 17year term.
Any advice would be appreciated
Thanks....

ACG

Theres only 1 lender I know of that would consider it at the minute. Key word being consider, Im not sure they would accept it.

June next year will be 3 years discharged, at that point there are a few more lenders who would come into play so not a million miles off.

Assuming your credit reports have been clean since, your not living in your overdraft then I would say the next biggest hurdle is the deposit. If you can get that to 15% I think thats going to help quite a bit.

mackmill

Thanks ACG, quite happy to wait another year or so.
Files are clean since bankruptcy and No overdraft or any credit except a Vanquish card paid off every month each.
I would only have 2 years company's book by then, would this be a problem?

ACG

Excellent.

You really are narrowing your options down with 2 years books and bankruptcy. Possibly a couple of lenders who would look at it.

It would be worth looking, but you may find you need to wait an extra year.

A lot will probably depend on the lenders available and who you went bankrupt owing money to... If those companies overlap you could find it more difficult.