Obtaining a Mortgage After Bankruptcy

sicullen

Hi All,


This has probably being asked before but I desperately need some advice please. I am about to turn 50 and have never had a mortgage and desperately want to buy my own house, the problem I have is that june 1st 2011 I was declared bankrupt after my business failed. I have made an enquiry with an advisor this week who wasn't very helpful to be honest. I am looking to get a mortgage in july/august once my bankruptcy is of my credit file and will have by then £10k to use as a deposit, however I was told this will not be enough and id need considerably more. I am only looking at properties around £90k which will give me a deposit of around 10%. could someone advise me of what is the best way for me to progress and if its possible to gain a mortgage with the deposit that I have? any help with this will be greatly appreciated as at this point in time its dragging me to despair. Thank You

ACG

There is a possibility a Mortgage could be obtained now, if you wait until July/August you have a few more option and increase your chances but I would be relatively confident depending on how your credit report looks.

It will come down to credit score and so it is impossible to say yes or no, but i certainly would not rule it out based on what you have said.

Dont forget to request a copy of the discharge certificate, it will be neededand can take a couple of weeks to arrive if you do not have it already.

Any decent broker with experience in adverse should have a good idea of some lenders who will consider it.