6yrs after bancruptcy- any mortgage options

elsnraeh

I know there is lots of bankruptcy/mortgage questions on here but they all seem to be conflicting.
My husband will be 6yrs from bankruptcy in November so it will be off his file. He has had a basic Barclays bank account since 2008. A Vanquis from 2011 never missed a payment credit limit of £2500 now. Mobile phone account since 2012. He is on the electoral register and in a really steady job. Credit report score (although ive been told its useless is really good)

I have never missed a payment in my life perfect credit score steady job. Have a mortage that will be cleared by sale of my property by the time we buy.

We both earn around £26000 basic salary and with savings now have no debt. We have minimal outgoings. So loads affordability shouldn't be an issue.

We have around a 15% deposit looking to buy a house at £150 000. Hopefully we can save a bit more before we are looking to buy.

Now to my questions:
Do we need to wait till the Bankruptcy comes off his file in Nov?
Do we have any chances of a regular mortgage?
Do we need a bad debt broker or can we see a regular broker?
Will 15% be enough or will we need more?

Any help or advice would be greatly appreciated

Mortgage_Mark_2

Do we need to wait till the Bankruptcy comes off his file in Nov?
~ Would give you far more options as a lot of lenders will just take it that it never happened.

Do we have any chances of a regular mortgage?
~ Yes.

Do we need a bad debt broker or can we see a regular broker?
~ Ask a broker who friends/family would recommend, that's always the best way to find one. Doesn't need to necessarily be an adverse specialist, just one who knows what he/she is doing.

Will 15% be enough or will we need more?
~ Depends what your broker finds but 15% will probably be enough, you may even have options with 10%.

Good luck.

TBagpuss

Most mortgage applications will ask "have you ever been bankrupt" so he is still likely to have to declare it and it will bar him from some lenders. I would suggest that in the circumstances it is likely to be best to see an independent mortgage advisor and talk through your options.

The higher your deposit, the better. If you can get the deposit to 20% rather than 15% you may find that that makes a big difference. I'm not sure whether it will make a difference to where you will be accepted with your husband's past history, but it does seem to be the point at which many lenders offer better deals, so having a 20% deposit instead of (say) a 19% one can make a surprising difference to the rates offered.

Mortgage_Mark_2

TBagpuss wrote: »

Most mortgage applications will ask "have you ever been bankrupt" so he is still likely to have to declare it and it will bar him from some lenders. I would suggest that in the circumstances it is likely to be best to see an independent mortgage advisor and talk through your options.

The higher your deposit, the better. If you can get the deposit to 20% rather than 15% you may find that that makes a big difference. I'm not sure whether it will make a difference to where you will be accepted with your husband's past history, but it does seem to be the point at which many lenders offer better deals, so having a 20% deposit instead of (say) a 19% one can make a surprising difference to the rates offered.

See the other threads...

elsnraeh

Thanks for the advice.
We have a 2nd viewing on my property this week so fingers crossed we will know where we are after that is sold.
We are aware that the bigger the deposit the better so this is our aim now we have got rid of the debt we did have.
Would love to have 20%.
We have read that nationwide would consider after 1 yr and thats who my current mortgage is with so we have been saving into their ISAs since that start of the new Financial year. Hoping all the little things will help.