Mortgage -- is there any point?

wolfers

Since being discharged in 2011 I have been a model financial citizen. With the advent of Help to Buy ISAs I've been thinking seriously about getting a mortgage in around 2019.

Of course by then the bankruptcy will be long gone from my credit reference files, but banks apparently can (and do) still ask and then computer says "no", I assume.

To make it worse, I'm self-employed. I run my own business. I've done so for the last ten years. My turnover has been consistent over that time.

It's not actually that clear to me that buying a house makes sense in my case. (I'm currently 46.)

Is it worth having this as a goal. Or will I just get doors slammed in my face by the banks when the time comes? Or offered ludicrous and unaffordable interest rates?

KeepOnKnitting

Maybe start here: https://forums.moneysavingexpert.com/discussion/2918012

I think ultimately if you want to get a mortgage and buy a house, and it makes financial sense for you, then do it.

tigerfeet2006

Also here https://forums.moneysavingexpert.com/discussion/5371820

capeverde

I was discharged in 2011 and Ive had a mortgage for 18 months. Im not saying its easy, but get your affairs in order. I would also advise you to restructure your company to Ltd but do not have yourself as a sole director. Even if its a couple of family members try and list 3 directors. Pay yourself a set wage if possible advancing it y/o/y. Most importantly you will need a good deposit. 10% isn't going to cut the mustard. Just to add Im a similar age to you.

mug098

Hi ya. Just out of interest capeverde , who did you get your mortgage through, how much was it for and what %deposit did you give.
I am in the process of getting the ball rolling on a morgage, i went bankrupt jan 2011 and discharged jan 2012, credit file is all in order and have 2 credit cards which i pay off in full every month.

Many thanks in advance