Mortgages after bankruptcy

Yellabowley

Is there an easy way to find out how long after bankruptcy individual lenders will issue a mortgage?

From speaking with financial advisors I know that I am able to get a mortgage but each one I've spoken to has said that each lender has it's own criteria which is usually 1, 3 or 6 years after discharge. If there's an easy way to see which are worth looking at then that would be good. I obviously don't want any rejections on my credit record, which I've taken so long to clean up.

Many thanks.

lindsaygalaxy

We tried with the Halifax 6 years after BR (partner has clear credit file) on 95% and it was a flat no. In March we will be trying for a 90% mortgage with aldermore.

Halifax - 6 years post br
Aldermore - 6 years post discharge
Nationwide - 3 years

I have found it useful to contact lenders direct and ask them. For example Teachers Building society said yes after 5 years bankruptcy but 25% deposit needed.

alastairq

Hersch wrote: »

This will vary according to place. Where do you live? I live Toronto and I know a mortgage lender who offers loans during a bankruptcy. Prudent Financial Services offered loan to my neighbour during his bankruptcy tenure. So it is not necessary to wait for a long time after your bankruptcy to apply for a loan. Maybe if you look around there will be lenders who are ready to give you loans now.

Whilst your advice is pretty much universal....can I ask, is Toronto in the UK?

If not, do Bankruptcy laws and Procedures in Canada [for example?] align with those in the UK?

This forum [and entire website] is UK-based, and applicable to the UK only.

The current advice [for the UK....and specifically, England & Wales] is to find a whole-of-market broker.

As has been noted , Nationwide seems to be the most approachable Lender at present?

Yellabowley

Thanks for the advice and although there is a place called Toronto just down the road from me in County Durham I suspect you're in Canada.


Just for any others in the same situation I tried Co-op as I bank with them but they stipulate 6 years.

foolishboy

YBS were good to me .. max 85% LTV, 4 years post discharge (5 years post BR) and no repossessions were the important criteria, this was nearly 2 years ago and things are always changing so always good to check.

richardstock

I know several brokers who say three years, provided there has been no trouble in the interim and you have a minimum 25% deposit.

Yellabowley

richardstock wrote: »

I know several brokers who say three years, provided there has been no trouble in the interim and you have a minimum 25% deposit.

Cheers. Unfortunately we're at 15% deposit but my job is as secure as they come and we're looking to lend around 3 x my salary alone (my wife also works). I'll put an update on when the mortgage advisor gets back to us.

elsnraeh

Have you been able to secure a mortgage? Im in a very similar position, Husbands 6 year was up in Nov. 15% deposit 2 very secure jobs earning around 55k between us booking to buy in the 175k region.
Desperately house hunting but all seems to be flats or mansions at the moment.

capeverde

I got a mortgage with the swansea building society 3 years after discharge. They send their adviser out (not sure how far he will travel) but treat every case on its own merits.

sscott5581

Clydesdale Bank consider ex bankrupts

Joesmith2015

I waited for almost seven years after discharge and got a mortgage of 95% with a high street lender. The main advice I can give you is to be honest all the way. Good luck