Mortgage post bankruptcy

britbird

I posted this originally in the bankruptcy forum, but it was suggested I post it in here as it is more focused towards mortgages.

I wanted to get some thoughts on a situation my partner is in, and therefore by default I am also involved in. We have been together for 3 years, and before we met he had financial issues due to depression and was declared bankrupt.

His bankruptcy was 2012, and so was discharged in 2013. He made regular payments to the insolvency company for 3 years and these finished in 2016. His Dad stepped in and paid off the mortgage when everything happened in 2012, so the house has always remained in my partners name (it has been formally confirmed that there will be no additional amounts claimed against the value etc), and when he sells it we will have the equity from that.

We haven't got any joint financial products because of the bankruptcy, but we are in the process of selling my property. The equity from this will go towards paying off his Dad. At the moment we are putting away between £500 and £1k monthly.

My main concern is when it comes to getting a mortgage. At the moment, we are looking at between 175 and 200k with regards to a deposit. We have a good income (around 85k excluding bonuses which can be another 10-15k) How much is the bankruptcy going to affect us, and can anyone recommend any organisations/companies to speak to about actually getting a mortgage? What kind of value property could we even reasonably expect to be able to purchase based on other forumites experiences?

Any advice, hints etc would be really appreciated. Many thanks in advance.

ACG

I would think you need a 15% deposit to give you a decent chance.
There will be maybe 2 high street lenders who would consider it now and another once it gets to 4 years discharged plus a couple of non high street lenders.

On an £85k income, assuming no debts you could probably get a mortgage of £300k plus fairly comfortably.

britbird

ACG wrote: »

I would think you need a 15% deposit to give you a decent chance.
There will be maybe 2 high street lenders who would consider it now and another once it gets to 4 years discharged plus a couple of non high street lenders.

On an £85k income, assuming no debts you could probably get a mortgage of £300k plus fairly comfortably.

Thank you- obviously I know this isn't concrete but it does make me feel a lot more comfortable. We are looking at properties in the region of 500k, so with the salary, plus the deposit we have this seems achievable. Fingers crossed!