Santander Policy on Bankrupts

MrLolly

On santanders mortgage criteria website they say they won't lend to anyone who's ever been bankrupt.

Does this mean permanently, or during the 6 years. Had mixed responses from branch and telephone customer services.

If it means they don't ever accept ex bankrupts I will be closing my account I've held for 10 years simply because I see no point in banking with them if I have no chance of being treated normally in the future

eskbanker

Seems clear to me that the published wording means permanently, in that I can't see anything in this that would suggest that the slate gets wiped clean after six years (or ever):

To apply for a mortgage with us you need to:
be aged 18 or over
be a UK resident
want the mortgage for a property in the UK (but not in the Isle of Man)
be intending to live in the property
have never had a home repossessed
have never been declared bankrupt or subject to an IVA (Individual Voluntary Arrangement).

MrLolly

Thanks for that. It does seem so harsh but oh well.

I have barclays and nationwide basic accounts. Not sure if using either as main account would really make a difference to lending after 6 years from now though.

eskbanker

MrLolly wrote: »

I have barclays and nationwide basic accounts. Not sure if using either as main account would really make a difference to lending after 6 years from now though.

....in which case now would seem the obvious time to ask them, rather than waiting six years to find out the hard way!

Alternatively, post over on the bankruptcy board where others who've been in the same situation may be able to advise on how to improve your chances of getting a mortgage at some point in the future....

MrLolly

Both just confirmed they treat all applications the same so it doesn't really make any difference.:mad:

JGUK

Treat all applications the same in what way ? I don't get you . . .

I saw that wording on the mortgage page for Santander, seemed a bit extreme, then again I haven't been bankrupt before (have had a CCJ) but still saw it as overly harsh wording !

MrLolly

As in, there's no greater chance of acceptance just because you bank with them.

mwarby

Nationwide will consider if bankruptcy is more than 3 years ago

pinkdalek

Seems a harsh and blunt policy but if that is their choice then it's their loss in my opinion.

Not everyone who is made bankrupt chooses to do it deliberately. Often it is the only option of getting out of a bad situation.