FTB Mortgage Choice

Adzenca

Hello,

Your advice welcome please

I'm a first time buyer, with 10% deposit (I have a save to buy ISA).

I'm a former bankrupt though. Discharged 6yrs ago.

I checked my credit rating via Noddle, Equifax and Experian separately (I didn't use checkmyfile as I read on here it wasn't so useful). All three rated my credit as within the top 10% all three scores were pretty high .

What are my options ... is it best to use a mortgage broker or do my own digging with a high street lender?

I'm new to the housing market so not sure my options...

Thank you ....

ACG

You should have a few options, althugh I would never discount using a broker where bankruptcy is involved as it will get picked up even after 6 years.

You should be fine though.

kingstreet

A credit file is not the only place information about insolvency is recorded.

Do not be tempted to say no to the question unless you are specifically told to.

Adzenca

I'm not sure why you are under the impression I would not disclose my bankruptcy??

What is something I said?

I've already contacted a Broker and have made it clear about my BR, I don't intend on lying - not in my nature to. However I was wondering whether brokers or direct applications to banks were the best way to go?

Also whether I should secure a mortgage before I find a house?

Thanks .... :j

ACG

We were not accusing you of anything, it is just that a lot of the time people assume once it hits the magic 6 years it does not need to be disclosed...it is nothing personal.

It may come across biased, but I think a broker is the best way to go (I do not always say that on here).

If you discuss it with a broker, they will be able to confirm what your options are. You can not secure a mortgage until you have a property in mind and you know the purchase price. At best you can get a DIP, but I would hold fire on that personally until you are ready to make an application.

kingstreet

ACG wrote: »

a lot of the time people assume once it hits the magic 6 years it does not need to be disclosed

Exactly. People think once it falls off your credit file, there is no longer a record.

There is. On the insolvency register.

Confusingly, some lenders actually tell you not to answer yes to the bankruptcy question if it was registered more than six years ago. You can only do that if instructed specifically to do so.

Adzenca

kingstreet wrote: »

Exactly. People think once it falls off your credit file, there is no longer a record.

There is. On the insolvency register.

Confusingly, some lenders actually tell you not to answer yes to the bankruptcy question if it was registered more than six years ago. You can only do that if instructed specifically to do so.

I know this already about the credit file issue .. may be I should've been clearer in my initial intro post ...

I was just wondering if a broker or direct applications were the best way to go. Which lenders (direct applications) had a history of lending to persons like myself. Also whether using a broker was notoriously more expensive an option.

Thanks in advance .... :beer:

amnblog

If you want the job done properly use a broker.


If you want to run the risk of the deal falling over, go direct.

ACG

A broker will usually be more expensive (because of their fee), but they will increase your chances of being accepted and also take away the stresses that come with buying a home.

Where there is bankruptcy, I do think a broker is the best route personally.