Getting a Mortgage after Bankruptcy?

bedazzle_2

My self and my husband went bankrupt in 2009 this October it will be 6 years and have been told that we would be able to apply for a mortgage.

Does anyone know who the best lender maybe to try with our history and how much deposit we may need.?????

Just want to get back on the property ladder

chrissycnc

I know how you feel my husband and i both declared Bankruptcy in 2010 and will be trying our luck next year for a mortgage.

I have spoken to a mortgage advisor and with a 20% deposit he said he could get us a mortgage now after speaking to some underwriters. My advice to you is to see a mortgage advisor they can do all the ground work and go direct to lenders without them credit scoring you. If you go direct to a lender and they decline it will show up on your credit report and set you back from applying to another lender.

Good luck
Please keep me posted

5hellbell

I went bankrupt in 2008 and have been discharged 6 years, I have been trying to get a mortgage for over 2 years with no success, keep getting told to wait but for how long!?!? I've paid £1000's in rent

lonestarfan

You would probably be better to post on the mortgages and endowments board as the brokers for adverse frequent it. I've definitely read on there of discharged bankrupts getting a mortgage.

tigerfeet2006

Also make sure your credit reference files are cleaned up and correct as per the sticky.

Having a decent deposit helps as well.

ampafc

I do think it's kinda right for those who have gone bankrupt to have to wait a bit longer (after the 6 years) to get a mortgage. Poeple who have scrimped away to avoid going bankrup often have troubles getting a mortgage - to them it may seem a bit of a kick in the face for BR people to easily get a good mortgage quickly.

That was not menat to sound judgemental, I just believe in a fair world.

downhillfast

ampafc wrote: »

I do think it's kinda right for those who have gone bankrupt to have to wait a bit longer (after the 6 years) to get a mortgage. Poeple who have scrimped away to avoid going bankrup often have troubles getting a mortgage - to them it may seem a bit of a kick in the face for BR people to easily get a good mortgage quickly.

That was not menat to sound judgemental, I just believe in a fair world.

I can partly understand what you are saying but saying that people scrimped money away to avoid going bankrupt implies that all bankruptcies can be avoided with a bit of scrimping. To most people bankruptcy isn't the best option - it's the ONLY option.

LoveLifeAgain

ampafc wrote: »

I do think it's kinda right for those who have gone bankrupt to have to wait a bit longer (after the 6 years) to get a mortgage. Poeple who have scrimped away to avoid going bankrup often have troubles getting a mortgage - to them it may seem a bit of a kick in the face for BR people to easily get a good mortgage quickly.

That was not menat to sound judgemental, I just believe in a fair world.

Sounds right as far as it goes and I wish it were really how it worked but unfortunately it is not a fair world. Not at all. So many people have worked for years and their hard-earned taxes have been used to bail out the banks, many that hold mortgages directly or indirectly to these hard working people. Is it right that banks are doing naughty, irresponsible, couldn't care-less-because-I-will-be-bailed-out things and the people struggling do not get bailed out?
If it were fair then very few of us would be in this position - there are always an odd one or two, but that's the way the cookie crumbles and as long as it is not in the millions and billions it can be absorbed.
Good luck to everyone whatever your position I only hope it improves.

lonestarfan

ampafc wrote: »

I do think it's kinda right for those who have gone bankrupt to have to wait a bit longer (after the 6 years) to get a mortgage. Poeple who have scrimped away to avoid going bankrup often have troubles getting a mortgage - to them it may seem a bit of a kick in the face for BR people to easily get a good mortgage quickly.

That was not menat to sound judgemental, I just believe in a fair world.

It does sound judgemental and it's not a fair world when there are many reasons for bankruptcy which are not directly the fault of the individual. It's often complicated. I'm not a bankrupt nor a debtor but I've seen many different cases to know it's not a simple problem.

[Deleted User]

Do BR's get a good rate mortgage? I remember been advised if you were a payday loan customer then expect a mortgage the equivalent of... whether that was a joke I really don't know.

Anyhow lets think of those such customers now demanding these entries be removed and the system allowing it :eek: surprise surprise, in order to get a mortgage, lets hope they have sympathy equal to that of an ex bankrupt when they realise WHY they were taking out payday loans eh along with many of the debt scrimpers and benefit claimants who also think their right is to have a mortgage as for fair - I don't see what the fuss it about and am personally sick of arguing with my family about it when Dad decided he wanted a smaller house so none of us could ever move back in! can't all live with Mum & Dad... latest was they should become my landlords as a way round it and I shall pay them back that way ps it's not optional as again for fairness

elsnraeh

After a lot of careful cleaning up of files and saving really hard we have managed to get a mainstream mortgage on a good rate. I had previously had a mortgage that was now completed by selling my flat at a HUGE loss!

My husband went bankrupt 6 years past in November and we've had the mortgage agreed at 2.49% on a 85% LTV.

We had our 15% deposit save and bout well within our means. I think the amount we could borrow was a ridiculous £249k we borrowed £140k. We earn around £54k between us.

We had managed to clear off all outstanding debts except our student loans which I think helped too.

We had to give the dicharge certificate and there was no more questions asked by accord (part of Yorkshire BS). The only questions were about me. Different month payments questioned.

We used a broker who was great in Falkirk. All went much smoother than I had ever thought