RTB, bankruptcy and mortgage

Ineedmortgagehelp

I was made bankrupt 4 years ago this month and have been to a broker to apply for a right to buy mortgage. ( been discharged 3.5yrs). We have 3 defaults that were not cleared up at the time, we are waiting for Experian to be updated to show these as partially settled.

He is struggling with the bankruptcy, defaults not a proble, to find a company to accept us. We have one last try on Thursday, but it's not looking good for us.

I believed it would be difficult but to have only two lenders, I didn't expect that.

Welcome to any ideas ( I know I'm a horrible person for using the RTB, so I don't need none of those posts)

TheGardener

The RTB vitriol seems mainly confined to the House Buying, renting and selling boards. this board is specifically a help and support board for BR's - rather than opinions and rhetoric.

You will struggle to get a mortgage until the BR drops off your file in a couple of years, until then you are going to find it very difficult. Even then, it can be a challenging process but there are plenty of success stories.
Is there a reason you need to use the RTB now - can't it wait for another couple of years? In the meantime you need to demonstrate exemplary financial management and credit build as much as you can using a credit builder CC phone contracts etc. Even if you don't technically need a deposit - demonstrating that you can save regularly also shows good financial management.

ACG

I do a lot of adverse Mortgages, it is probably 90% of my business.
I can answer this with some confidence, there is only one lender who will consider it. Rates will be between 6.5% and 9.9% depending on how your application scores.

You would end up paying that rate for 2-3 years after which you can start to look at high street lenders.

Ineedmortgagehelp

Thanks ACG, our broker has approached a small building society today, and they will consider a paper application from us, which he will submit in on Monday. Hope it's the one you know of, if not then I won't build up any hopes. 😰.

Ineedmortgagehelp

Sorry, new to the boards so thought it would be better posted here. I'll learn for next time

TheGardener

Ineedmortgagehelp wrote: »

Sorry, new to the boards so thought it would be better posted here. I'll learn for next time

No - you posted in the right place - I meant that this is not the board where you get the usual horrid posts about RTB - I've seen those kind of posts and they are mostly on the House Buying board. You should be safe here

ACG

Ineedmortgagehelp wrote: »

Thanks ACG, our broker has approached a small building society today, and they will consider a paper application from us, which he will submit in on Monday. Hope it's the one you know of, if not then I won't build up any hopes. 😰.

Best of luck.
I think I know who you mean, but I did not realise they did RTB. Interesting. I will take a look into it further.