mortgage after bankruptcy

elk1

i just want to tell my story to give everyone a bit of hope.
me and the wife declared bankrupt late 2009.
voluntary repo of house that was in negative equity at the same time.

here we are nearly 5 years discharged ,we have not put a foot wrong since the day of br and have worked at clearing up the credit files.
.

always wanting to get back on property lader we thought lets see we could find anybody who would take us seriously. we had a small deposit

through our broker we got a dip for more than we expected,along with the gov help to buy we have just been accepted for a mortgage on a property that we did not expect to be able to afford.
sure we need to pay back this equity but we both have good salarys and the kids are now at school so it frees up a fair wedge of cash.

i guess what i want to say is it is possible, dont give up on your dreams, i:j:beer::beer:

jak

That's ace. Thanks for sharing xx

betterdaysahead

That's great news - congratulations! Do you mind me asking who your mortgage is with and what rate you ended up getting? What % deposit did you have?

I'm being nosey as I will hopefully be in this position in the future.

Thanks,
BDA

Blonde29

Hi,

That's great news.

It gives me hope that i will again be able to get another mortgage.

I also went Bankrupt in 2008 and it will be 6yrs this Sept after i was discharged so i hopefully should stand a better chance. I also had a voluntary repo due to a messy breakup.

I am married now and my husband has a mortgage in his own name in the house we live in.

It is currently for sale but its slow and we are desperate to sell as its far to small for us to be able to start a family. We are going to move in with his mother for a while to get a good deposit saved, however we also have considered the help to buy but i am unsure which lender to go with.

So as betterdaysahead said i would also love to know who accepted you :T

Thanks :beer:

elk1

jak wrote: »

That's ace. Thanks for sharing xx

We saved a 20k deposit
Managed to get a 5 y fixed rate with the nationwide for around 3%
Used help to buy and got a property for 380k
Which s3ems crazy but the mortgage is less than we pay in rent currently.

We haggled with the devlopers on the new build and got stamp duty paid legal fees paid removal costs paid all the flooring upgraded to ceramics and the carpets paid for.:D

Hoocha123

Hi,

Can I ask if it was a problem with the voluntary repo of the house?

We are very similar to you in that 4.5 years discharged with a clean file since, 15% deposit and a very large income. We tried a few places through a broker a couple of months ago and got a resounding NO from everyone, even lenders who will apparently look at discharged bankrupts.........

I was told that because the voluntary repo was still seen a s a regular repo (apparently they don't distinguish!) and was still showing on our credit file as a massive amount and as a default (even though it was satisfied) that was what was killing us and no one would look at us.

Any advise gratefully received!

elk1

we had no issues at all and the repo and it was still showing on experian.
we had to submit a lot of information to the underwriters even to get the dip.

maybe we just got lucky.

Hoocha123

Thanks for the quick response!

Did you go direct or use a specialised broker?

elk1 wrote: »

we had no issues at all and the repo and it was still showing on experian.
we had to submit a lot of information to the underwriters even to get the dip.

maybe we just got lucky.

BRB-79

elk1 wrote: »

we had no issues at all and the repo and it was still showing on experian.
we had to submit a lot of information to the underwriters even to get the dip.

maybe we just got lucky.

Thanks for posting your experience so far. Like you I went BR in August 2009 and it just dropped off my file in the last day or so. I was discharged in April 2010 so still a few months to go for that. But I also had a voluntary repo for my flat at the time. It was sold at auction in October 2009 so it's still showing as defaulted on my file for another 3 months.

My wife has a great credit file with nothing adverse on it and mine has been squeaky clean for the last 6 years. Got a Vanquis and Barclaycard Initial in good standing, cleared balances etc. We're hoping to jointly buy a home in the next few months and will have around 33% deposit (£140k).

Pretty much all the lenders I have looked at so far have are NO for a history of repossession. I just looked at the Nationwide for Intermediaries lending criteria and that too says that "normally there should be no history of a repossession, either voluntary or enforced" so you really do sound like you got a great deal.

What broker did you use if you don't mind me asking? And what was their fee ?

wolfers

I was just about to start a thread asking about this.

I was BR in 2010 and discharged in 2011. I plan to open a Help to Buy ISA in December (where the government gives you 25% extra from what you save) with the intention of buying a house in 2019/20.

Obviously my biggest worry is: will I actually get a mortgage (and, if I do, will I get a sensible rate). So your story is very encouraging!