New bankcrupt - mortgage?

Johnsmith2016

Hello, recently bankcrupt.

Anyone got any experiences on how long before a mortgage, with who, deposit amount etc
Any mortgage broker reccomendations?

Also - would it be possible for my parents get a 2nd residential mortgage with my fiancee due to my situation or could they act as guarantor?

Heard nationwide are about the most lenient - being 3 years after dishcarge, anyone got any tips or advice? On who to use?

ACG

3 years discharged is the earliest in the main with 3-4 lenders maybe a couple more. Whilst you may be able to get away with less, I would say a 25% deposit minimum is needed really.

There are lenders who will do it sooner but deposit wise you would need 25-40% and rates would be close to around 7% or more.

As for guarantors, they are there to overcome a shortfall in income not bad credit. Your parents and aprtner could be an option but it would come down to the finer details.

MortgageMamma

Hi John

You can't really do anything for 6-9 years so your best option now would be for your fiancee to buy on her own or with someone else. As far as I know you could not be named on the deeds or mortgage. You need to be aware that some mortgage lenders may also ask who is going to be living at the property who is not on the mortgage, and if they are/have been bankrupt. This is also a common question on buildings and contents insurance and can affect your premiums or whether you will be accepted but you have to be honest about it.

Your fianc!e will need the advice of an experienced mortgage broker/adviser to make sure this is done right.

HappyMJ

Johnsmith2016 wrote: »

Hello, recently bankcrupt.

Anyone got any experiences on how long before a mortgage, with who, deposit amount etc
Any mortgage broker reccomendations?

Also - would it be possible for my parents get a 2nd residential mortgage with my fiancee due to my situation or could they act as guarantor?

Heard nationwide are about the most lenient - being 3 years after dishcarge, anyone got any tips or advice? On who to use?

Well you're not supposed to save much before you're discharged as any excess income is supposed to go to your creditors. So you've got to save after you've been discharged. Saving as much as you possibly can over 2 years might give you a 20% deposit which would be enough to secure a mortgage. You'll need to have saved enough for fees as well on top of the 20%.

You can co-sign on a mortgage with someone else with good credit earlier who has saved a deposit of their own. You'll definitely need a broker to help.

Johnsmith2016

Mortgagemamma - 6-9 years? Heard people on here getting mortgages with nationwide after 36 months .... I hope this is true

David_White

Realistically you're looking at 3 years after the discharge date before you have sensible options available to you.

Johnsmith2016

David - yes that is what I read.

So is she wrong to state 6-9 years? 9 years seems an awful long time considering you are dishcarged after 12 months and its off your file after 6 . Its a mine field off mis information, hard to know who to believe

David_White

I wouldn't say wrong, as every lender will have their own criteria regarding this.

Some will be available to you 3 years after discharge, some after 6, some possibly never.

Your best bet is to get to the 3 year point and then assess your options with someone that deals in adverse cases.

Johnsmith2016

If someone says you cant really do anything for 6-9 years, but you can get a mortgage after 36 months i would say its wrong. Just need sit tight and get my 25% deposit then

csgohan4

Johnsmith2016 wrote: »

If someone says you cant really do anything for 6-9 years, but you can get a mortgage after 36 months i would say its wrong. Just need sit tight and get my 25% deposit then

Getting a mortgage yes, but don't expect high street rates. So that in itself may not be affordable.