Joint mortgage with a discharged bankrupt(me)

Chobbler

Hi all,

My partner and I want to look into getting a mortgage together but we have just one major issue, I am a few days past year 6 of my bankruptcy and am unsure how that would affect things.

I currently have 2 (higher interest) credit cards that are paid every month without fail, I never miss a bill date, and my noddle account is showing that I am a fair risk. It also claims there is no bankruptcy on my credit records?

My partner has bought her house(paid off) but we wanted to move to a larger property with a joint mortgage and keep the existing house for rent(to cover my partners half of the mortgage)

A couple of questions:

1 - do we have a chance of getting a mortgage?
2 - If the application failed, would my lower credit rating affect my partners rating?
3 - anything else we should / could / need to be doing to make this happen?

any advice you could give on this lot would really help us try and get our heads around the situation before we go for a joint mortgage application!

Thanks

Len

tigerfeet2006

First question...have you done a credit file clean up?

Chobbler

Whilst I havent done a manual file cleanup, none of the debts from my bad money management days show up on any of the credit checks I have done (everything shows as either zero balance or closed)

Would this be the same?

tigerfeet2006

Yep! That's what I was getting at. You won't stand a chance if you're files show anything adverse.

There are plenty on here who have got mortgages at your stage, all you need to do is search the forum.

Your best bet would be to go to a whole of market broker and let him know your history and he should be able to find something for you.

Also make sure you have a good deposit, 15-20% is a good starting point.

2kadmin

Hi Chobber,

In direct answer to your original questions.

1 - do we have a chance of getting a mortgage?
2 - If the application failed, would my lower credit rating affect my partners rating?
3 - anything else we should / could / need to be doing to make this happen?

1.Yes, subject to the normal affordability stuff.
2.Not really, most lenders would expect a few soft searches as most people shop around a little. (don't go nuts though)
3. See below..

Tigerfeet has offered some great advice, find a broker explain the situation (don't forget to tell them there is nothing on your credit file any longer!)

Or you can always do your home work and look on some of the intermediaries websites to find the lending criteria to know what the lenders are looking for, some will even expect to you to tick no on the bankruptcy question. Halifax Intermediaries.
Then you can apply yourselves and maybe save a fee.

Also your solicitor will talk about a Bankruptcy Search, this is a land registry search (they charge £2 for) this only covers the last 5 years since the last entry (typically a month or so after you were declared BR) so you won't show up on that either. (but others with a similar or the same name might)

I got mortgaged with the Nationwide 4 years post BR with a 10% deposit mt initial rate was 4.29% and have since got that down to 1.89%.

Please keep us posted, we love a success story or two on here and your story will give others so much hope!

2k

Chobbler

Thanks for both of you help!

I feel a lot more hopefull now with having a go at this.

I'll let you know how we get on and what we had to do.