We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Contractor Mortgages after Bankruptcy
PeteRogers
Posts: 7 Forumite
Ok guys, I have a challenge for you.....
I have been an IT Contractor since 2004. Have probably had less than 6 months in total when not in a contract but did come into financial difficulties (including a failed investment) which resulted in Bankruptcy in Dec 2010. This also resulted in a repossession of my house.
I have managed to get back on my feet, got married, and living with wife and children in home that is in my wife's name, and not mine. I have paid off 3 cars, cleared a few loans and credit cards. I have 1 credit card in my own name that is paid off in full each month, some utility bills are in my name and I have a mobile phone contract. All paid on time, not 1 default or late payment since the Bankruptcy....
My Bankruptcy is due off my credit file in Dec 2016.
We have seen a property that we want to buy and rather that sell wife's house first, then get the property (possibly losing it), I was looking to go down the Help to Buy scheme (which I understand is only open until Dec 2016). I have the 5% saved and without H2B, would need at least 15% deposit (I think).
I need a mortgage lender that would look favourably on the Bankruptcy situation, and that would also take my daily rate (can provide a copy of the IT contract to them), as I am not running a Ltd Company.
Once wife's house is sold, we would pay equity straight off the mortgage.
Was told Nationwide were one of the lenders that look at contractors, will consider the Bankruptcy and do the H2B scheme?
Thanks
Pete
I have been an IT Contractor since 2004. Have probably had less than 6 months in total when not in a contract but did come into financial difficulties (including a failed investment) which resulted in Bankruptcy in Dec 2010. This also resulted in a repossession of my house.
I have managed to get back on my feet, got married, and living with wife and children in home that is in my wife's name, and not mine. I have paid off 3 cars, cleared a few loans and credit cards. I have 1 credit card in my own name that is paid off in full each month, some utility bills are in my name and I have a mobile phone contract. All paid on time, not 1 default or late payment since the Bankruptcy....
My Bankruptcy is due off my credit file in Dec 2016.
We have seen a property that we want to buy and rather that sell wife's house first, then get the property (possibly losing it), I was looking to go down the Help to Buy scheme (which I understand is only open until Dec 2016). I have the 5% saved and without H2B, would need at least 15% deposit (I think).
I need a mortgage lender that would look favourably on the Bankruptcy situation, and that would also take my daily rate (can provide a copy of the IT contract to them), as I am not running a Ltd Company.
Once wife's house is sold, we would pay equity straight off the mortgage.
Was told Nationwide were one of the lenders that look at contractors, will consider the Bankruptcy and do the H2B scheme?
Thanks
Pete
0
Comments
-
Bankruptcy - a complication
Day rate required - a complication
H2B - a complication
Finding a Lender to do all three will be tricky.
Please tell me there was not a repossession alongside the Bankruptcy?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Unfortunately yes (mentioned in 1st paragraph of OP).0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards