How I got a mortgage within 6 years of BR

kezza90

Obviously they are just guidelines, and each case is different, but if he says you've got an 'excellent' score, that's a boost. What is your credit like since Bankruptcy? I'm assuming no missed payments etc? As long as you've actually been 'credit active' since bankruptcy, even with credit builder cards etc, then it looks good - good luck [/QUOTE]



My credit has been spot on since BR, I have one credit card with Vanquis, I've had it for about 5 years (I think) and I pay it off in full every month, I've never missed a payment. I also have a mortgage with the Chelsea which I've always paid (for the last 15 years) on time. I don't have any other creditors so my credit file is quite bare. Now I tend to pay for things in full rather than getting credit and luckily I was still able to keep my mortgage so have a regular payment showing on my credit file.


thanks

jellybaby104

kezza90 wrote: »

Hello,


All the posts gave an interesting read, I thought it may be helpful to add my experience from within the last few days.


I went bankrupt in 2007 and had a house repossessed in 2008 (the worst combination I'm told for getting another mortgage).


I spoke to Leeds Building Society yesterday who told me that because both the BR and repossession are from 6 years ago they aren't an issue, the guy on the phone did a credit check and said I had "excellent scoring" and would therefore be able to gain a LTV of 95%, I was very surprised. I said I'd like to borrow (theoretically) 180K and put down 9k and he said that wouldn't be a problem based on my earnings. I said I wasn't in a rush to organise the mortgage but he said that as soon as I find a house to ring him back and choose which mortgage to go for. I am very dubious about this, especially when I've read so much to say I wont get a mortgage, but it does fill me with a little bit of confidence, I'll see what paperwork I get through the post but I think he said I should receive an agreement in principle.


Am I wrong to get my hopes up?


Thanks

Hi,

Just to let you know YBS offered us all sorts with the AIP (£70k more than we wanted) but when we went through the full process the underwriter would only allow 85% LTV. I don't mean to worry you but I'm unconvinced the front line staff and underwriters are on the same page as they say.

The_Real_Cheddar_Bob

jellybaby104 wrote: »

Hi,

Just to let you know YBS offered us all sorts with the AIP (£70k more than we wanted) but when we went through the full process the underwriter would only allow 85% LTV. I don't mean to worry you but I'm unconvinced the front line staff and underwriters are on the same page as they say.

Go through a broker if you have too

Hollygoheavily

Accord Mortgages who are part of Yorkshire told me they disregard bankruptcies that have been discharged for THREE years rather than 6.

Paulo123

Hi All, similar story, went BR in May 2009, 110% mortgage with Northern Rock, split with my ex who did a runner and left me with a house in negative equity. Voluntarily gave the house up, went BR just after in May 2009. Been a long few years but behaved myself, saved and got a credit card last year (Barclaycard) and hav had a cash account with them since 2009.

Just exchanged and about to move in to our 1st house for 335k with a 10% deposit at just over 2% interest.

I had a great broker, supportive wife who stuck by me after the mess the ex left me in and 986 on experian. I think its about how you recover and show the lenders how you have changed!

kezza90

Thanks Paulo its good to hear a positive ending, I'm glad it's all worked out for you.


Today I received my mortgage in principle letter from Leeds Building Society, I don't think I'm going to go ahead just yet but it makes me smile a little inside knowing that actually there is now light at the end of the tunnel and next year I may be able to buy a house!!

jellybaby104

Hi,

Just an update to maybe provide some hope or at least additional info. Nationwide have given us a 90% mortgage offer. They asked if either of us were undischarged bankrupts and my partner asked what she (the Nationwide employee) meant just to be clear he wasn't giving false info and she asked if either of us were currently bankrupt. So based on our experience they do not ask beyond 6 years and it follows that there mustn't be an upper threshold regarding LTV for former bankrupts as there is with YBS/Accord.

Fingers crossed everything goes smoothly for us now and best of luck to anyone else in this challenging and often upsetting circumstance.

[Deleted User]

That's good

As they can lend after 3 years discharged (according to their policy anyway) even if the 2007 one flags up somewhere i doubt they'd care. They care about credit over the last couple of years if they're potentially going to lend to someone discharged for 3 years.

It's the likes of Santander who say bankruptcy makes you ineligible forever that you need to be very careful around - as although it's gone from your report it can still crop up elsewhere and cause issues.

I'm sure you'll be fine

The_Real_Cheddar_Bob

Somerset_La_La_La wrote: »

That's good

As they can lend after 3 years discharged (according to their policy anyway) even if the 2007 one flags up somewhere i doubt they'd care. They care about credit over the last couple of years if they're potentially going to lend to someone discharged for 3 years.

It's the likes of Santander who say bankruptcy makes you ineligible forever that you need to be very careful around - as although it's gone from your report it can still crop up elsewhere and cause issues.

I'm sure you'll be fine

just to be clear where this crops up:

Hunter Agency
Solicitor bankruptcy checks


good luck all

fay66

HI Ive been overlooking this post

I am in year 5 of discharge from bancruptcy and i am in a housing association house , I am trying to get a deposit next year .on my income which is 20k plus , I know the law is changing with right to buy for these which seems the ideal thing. I have been here 7 years, does anyone else know any good advice or info,