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mortgage after bankruptcy?
jak
Posts: 2,027 Forumite
I've got a five year plan to buy a house. I'm going to be re-training in a year, so will be able to get reasonably well paid job. Heres my question: Is it possible to get a mortgage after you have been made b/r? It will be after the 6 years and my credit file will be repaired as much as possible. What % of deposit will I need as a guideline and how much would I be able to borrow ? X earnings?
Just a ball park at this point obv. But some info would be great so I know how much I need to save.
Thanks,
J x
Just a ball park at this point obv. But some info would be great so I know how much I need to save.
Thanks,
J x
2022 Comp total (prizes + free spins): £494.81 #20 £12 a day Jan: £382.95/£372 #57 360 1p challenge: £17.70 £10 a day Feb: £571.09/£280 March: £311.96/£310
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Comments
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Is it possible? Yes - you may be better off going to a mortgage broker rather than direct to a bank though.
Deposit? As much as possible and will depend on what is offered at the time. Aim for a minimum of 10%, but the bigger the better.
Borrow? These days it's more down to affordability calculations than income multiples, but a rough rule of thumb is in the region of 3.25 - 4 x annual income.
In the meantime, you will need to get some positives on your credit file e.g. mobile phone contract, credit card (always paid off in full to avoid charges).0 -
Brilliant thanks! I've got a credit card and mobile phone with no late or missed payments for the last 3 years, so that should help. I'm hoping to eventually get a current account with a very small overdraft tho I expect that will have to wait for a few years. My b/r falls off my credit files in nov 2018 so I've got til at least then to save and work on improving my files. I'm hoping I will eventually be able to do a part rent part buy, so my mortgage will be manageable, and theres no way I'd be able to buy without doing that as im on my own with my son.
It's good to know there is light at the end of the tunnel at least!
Thanks, J x2022 Comp total (prizes + free spins): £494.81 #20 £12 a day Jan: £382.95/£372 #57 360 1p challenge: £17.70 £10 a day Feb: £571.09/£280 March: £311.96/£3100 -
i got one after 3 years with a 20% deposit. use an independent mortgage advisor0
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Hi
I got a mortgage after 6 yrs with a 15% deposit I was actually offered 2 :-) simply make sure your credit file is clean and you will have no problems what so ever as long as you have a good deposit.0
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