Getting a mortgage

Vincent-rew

Hi, just wondered if anyone has any experience or advice about my situation

I was declared bankrupt in 2010 (my doing) and discharged in June 2011! I have cleaned up my credit file and never missed a payment of any kind since.

My fianc!e and I have started to save a deposit with the view to buy back end of next year, but recently her parents have offered to help us by putting 10% in the Barclays family springboard mortgage, if you haven't heard about it they put 10% in a savings account and Barclays give you as 100% mortgage with a 2.99% rate for 3 years! As long as you don't miss a payment for 3 years they get access to their money and you go on with them or a new lender

My situation is this, do I go for it and apply or will my past come back to haunt me and I'll get rejected!

We have a combined salary of 54k a year, Barclays will lend up to 5.5x our combined salary! We have spoke to Barclays and they have run through our affordability and said they could look at a mortgage of 240k, which is good as we are looking at properties around the 220k mark.

I have checked all my files with all 3 agencies and the bankruptcy nor the Ccj which started this mess is on my file! All my accounts are up to date and good my credit score with noodel and credit match are both fair and excellent respectively.

I have asked Barclays about the bankruptcy and they said it wouldn't be an issue as it's been 6 years and it's off my file!

Also some of the debt that was on the bankruptcy was with Barclays would thus hinder the process as well? The Barclays lady said not but I would like to check!

Any help would be greatly appreciated

The_Real_Cheddar_Bob

if it was my business i wouldnt lend to someone who included money in a bankruptcy. Hence i avoid three major banks, as they were in mine.
go see a mortgage broker. thats the best advice i can offer. worked for me

ACG

It is very difficult to answer this with any sort of conviciton as ultimately it will come down to the score of your application. There are a few positives (time since bankruptcy and income) but a few negatives (no self saved deposit, you owed Barclays money).

Barclays will ask about the Bankruptcy so it will come up as part of the application.

But I think your options are probably limited to the springboard Mortgage based on what you have said? In which case you probably have very little to lose?

Vincent-rew

Yeah I think that's pretty much it! Give it a shot and see what happens! Worse case they say no and we are back at square one and continue to save! Makes me so nervous!

mgb281

Both my wife and I declared ourselves bankrupt in 2007, we were discharged in 2008. In the autumn of 2012 we applied for and got one at the first attempt. Answer all questions truthfully but do not volunteer information that is not asked for, your fate is decided by credit checks, do not make too many online applications as they may count against you if you visit a bank for one.
We first went to a mortgage broker but they were unable to help, next stop was Lloyds and we got one at the first visit.

Dutsey

We went bankrupt in 2009 and discharged in 2010. We have waited until the end of the 6 year period and have successfully got a mortgage this year and have just exchanged contracts so can be done.

fay66

Dutsey did you have to put a huge deposit down?