Mortgage ex bankrupt

Goldie100 · 25 July 2015 at 7:45PM

Probably been asked millions times before but every case is different.
I'm looking to get a mortgage with my partner we are first time buyers have a deposit of £30,000.00 - £40,000.00. The property we are looking at is £150,000.00 but needs work.....
Heres the catch I'm a ex- bankrupt but it has been 6 years and 2 months since the date of my bankruptcy.
I have checked my files and they are all clear.
I'm also self employed have been for over ten years.
My income last year was £40,000.00 and my partner was £7500.00.
My credit file for
The last 6 years has been immaculate and my bank said that I'm a highly value customer.
My question is I'm I likely to get a mortgage?
Do I go with my bank or use a broker?
And any advice if you have been in this situation?
Thanks in advance.

ACG · 25 July 2015 at 8:52PM

Decent deposit, decent income - there will be lendrs for this based on what you have said.

As for a broker or your bank, thats personal preference. Your bank can only offer what they have available a broker can access the whole of the market.

Goldie100 · 26 July 2015 at 8:55AM

Sounds promising,
Also as I'm self employed does anyone know if they take the avarage earning of the last 3 years or 2 years and do they take in account of future earnings?
Just as I had an injury 2 years ago and my income wasn't as good.
And do they take your joint income and x 4 to work out how much they will lend?
Sorry if my questions are a bit green but I'm new to this.

amnblog · 26 July 2015 at 10:16AM

Your questions are not 'green' they are the sort of questions we get every.

They do suggest your interests are best served by engaging a whole of market mortgage broker.

ACG · 26 July 2015 at 11:06AM

I think with the self employed bit, you would be best speaking to a broker.
Most lenders will look to average the last 2-3 years accounts, but there are exceptions.

Trying to fit the affordability and bankruptcy together is getting mroe complex.

Goldie100 · 26 July 2015 at 5:45PM

Would you advise going to banks where the question would be-have you been bankrupt in the last 6 years?
As this then won't show up ?
The only bank I know Is Halifax
Does anyone know anymore?
The more i think about it a broker should be able to answer all these question.
Can anyone recommend any or is this not aloud?
Thanks again.

Goldie100 · 26 July 2015 at 5:47PM

Sorry I meant allowed.

Let_Us_See · 26 July 2015 at 5:52PM

Any bank or building society will have a standard bankruptcy question. Answer truthfully, as it may not be on your credit file, but will be located with a bankruptcy search. Whilst some lenders will not consider a previous bankruptcy there will be a number of lenders willing to accept an application.

Goldie100 · 3 August 2015 at 8:02PM

I've been offered a mortgage with Lloyds in principle. I wasn't ask about bankruptcy at all but I'm worried it might come up on a search.
It's been over 6 years and my credit file is clear with no issues.
My question is will it come up with the underwriters?
Is Llyods the same as Halifax and only care if your bankruptcy was in the last 6 years?
Thanks in advance

Thrugelmir · 3 August 2015 at 8:22PM

Bankruptcy lives with you for a lifetime. As remains on the public record. So it's a question of whether or not it's acceptable to the lender.

cns06 · 3 August 2015 at 8:30PM

FWIW our solicitors asked us on our initial instruction document and also they said they would be doing a search for bankruptcy which I presume is part of the searches required by our lender. Neither of us have been but its interesting to see they involved the solicitor to do the search - unless its something different and I am getting the wrong end of the stick.