RE-mortgage after Bankruptcy

What_to_do_now?

Hi, i was wondering if you could give me some advice. My husband went bankrupt in 2012 and discharged in 2013. We didn't lose our home and since then he has worked hard at re-building his credit file. We were looking to see if we could re-mortgage our home and either move, or extend our existing property - we have equity in the property.
During the bankruptcy process I obtained a default due to a joint loan that was transferred into my name and I realise that will also go against us.
I just wanted to ask if anybody had any success with a re-mortgage and also whether it is even worth trying?

thank you

National_Debtline

Hi,


It may be worth trying to speak to an independent mortgage broker about your chances in a situation like this. Be careful and shop around, because they can cost money, but it is the only way you will know where you stand, unless you just submit some applications to the bank(s). The trouble with just applying aimlessly, is that will leave searches on your credit file for approx. 12 months and that can cause some damage to your rating.


Other people may be able to give you their personal experiences on here, but I think, very generally speaking, people find it quite hard to get a mortgage/ re-mortgage whilst the bankruptcy is still showing on their history.


Laura
@natdebtline

ACG

Who is your current Mortgage with?
You could ask them if you can product switch to a new deal?

Failing that, with 3-4 years discharged there should be options, but with the default on top it is a little hit and miss and will come down to the finer details.

What_to_do_now?

Thanks for the advice
Mortgage was a self cert mortgage with Ucb home loans- there isn't an option for a remortgage with that particular product

The_Real_Cheddar_Bob

As per the above post, try an IFA. Be prepared to pay a fee to the right person, although make sure if you take advice from a fee charging IFA its payable on successful completion of a new mortgage.