Bankruptcy and mortgages

Dakent89

Hi all.
I'm new here, I've done some reading but can't find much suited to me, especially not recently.

I'm looking into buying my first home with a partner but due to a combination of bad luck and silliness I'm a bankrupt.

I was declared in April 09 and discharged September 09.

My understanding is that in April this year the marker is due to remove from my account, but I'm concerned that this will effect my mortgage info, will it still be there?

Is there any advice for someone in my boat?

We've got a 5% deposit and plan on using help to buy, all in we will be needing aporox 140k to borrow.

I earn well now, at around 25k+ and my partner is aporox 15k.

Ideally we want to take action now, but I appreciate my credit may hold this back..

Is this likely a massive issue for me? Some defaults have gone on after the BR date, which also concerns me. Is there any advice for this? I've written to the data controllers at the relevant places though I've left it a bit late to be considering this.

Apologies for the essay but any help would be amazing.

Thanks

lindsaygalaxy

I know some people have had some luck with places like nationwide (they were a creditor for me) but we tried with the halifax and they said no until 6 years post discharge. We will be trying with Aldermore or again with Halifax in April when it is 6 years post.

Dakent89

After a lengthy chat with a very helpful mortgage advisor, he seems very confident at nationwide and the appeals process also.

I've been agreed affordability wise and will be doing a credit check tomorrow afternoon.

Fingers crossed!

clanbailey

Dakent89 how did you get on?

watching this with avid interest

Dakent89

I was declined however the mortgage advisor is contacting them today to find out why and hopefully appeal. Affordability wise they will lend me up to 195k and I only need 137.5k making that 75% ltv.

I have however found some credit searches on my file for pay day loans last year which I didn't apply for so I'm concerned this may not help my case.

I've appealed these as they're totally false. One even has my date of birth 44 years before I was even born!

I'll post up when i know more.

clanbailey

ahh no that is worry/annoying for you with the false applications on your credit file.

I watch my file on a weekly basis (not that i am obsessed or anything!!) currently in the 'fair' rating and am hoping this is going to improve once BR comes off the file as we have been good and use credit building cc's

fingers crossed for you that it gets sorted quickly

Dakent89

My experi an says good 937.

Noddle shows 2/5

Equifax wanted paying for my score which I wasn't going to do so all in all mine may be good may be bad!

I wish they all merged into 1 and it was totally accurate or something.

I'm also getting defaukts changed to the bankruptcy date which should also help me out a lot as well as settlement dateall takes time but if this application fails the BR comes off on April 9th so by then should be clean

Dakent89

My experi an says good 937.

Noddle shows 2/5

Equifax wanted paying for my score which I wasn't going to do so all in all mine may be good may be bad!

I wish they all merged into 1 and it was totally accurate or something.

I'm also getting defaukts changed to the bankruptcy date which should also help me out a lot as well as settlement dateall takes time but if this application fails the BR comes off on April 9th so by then should be clean

Tiggy_Wiggy

Dakent89 wrote: »

I was declined however the mortgage advisor is contacting them today to find out why and hopefully appeal. Affordability wise they will lend me up to 195k and I only need 137.5k making that 75% ltv.

I'm not sure this is correct. LTV is not based on the total that you could lend, it is based on purchase price less your deposit, which you said you have 5%.


If I am wrong, someone will correct me.

miss_sparkle

Tiggy_Wiggy wrote: »

I'm not sure this is correct. LTV is not based on the total that you could lend, it is based on purchase price less your deposit, which you said you have 5%.


If I am wrong, someone will correct me.

This is right, ltv has nothing to do with how much they will possibly lend you, it's the ration between house price and your deposit %.


I have just got a mortgage using help to buy equity, went BR April 08 and auto discharge April 09, putting a 5% deposit down on a house valued at £350k.
Used a broker which I think is essential, they have done everything for us including all the help to buy paperwork & getting us a better rate when the companies interest rates came down plus they are getting commission from the lender so it hasn't cost us anything

Dakent89

Yes. Ltv on property price will be 75%.
Price is 185 and 138.5 £l is what I'm borrowing
my post obviously wasn't that clear.
They would lend me up to 195k if I chose a bigger property.