bankruptcy mortgage advice please!!

luke.sibley

Hi everyone i am looking for some advice. i will try and keep it as short as possible.
back in 2013 i declared myself bankrupt as per citezen advice, as i was involved in a motorcycle accident and was injured quite badly. i was unable to work and so my bills where racking up and up!
i am now 3 years discharged since 8th april. my credit rating on noodle is 3 out of 5 and on experian i am in poor close to fair.
We are 1st time buyers i work full time and earn a basic salary of 29k plus o/t and bonus. my wife is currently on maternity leave. i spoke to a mortgage advisor from finance advice centre who was very confident that she could get me a mortgage or an offer in principle at least! and i have paid a £250 upfront fee which is refunded if they are unable to get an offer.
we have a £110,000 deposit and wanted to borrow around £100,000
the broker come straight back to me saying that she tried with accord "yorkshire bs" because we fit all the criteria, however it come straight back as a decline not even deferred. she tried another and that had the exact same response. she has told me she has one more to try but it will be for not as much and probably a higher rate. which i think is unacceptable as thats not what i asked for.
we have no credit card debt and are not in our overdrafts.
we pay out £210 a month between us!
i am lost as to what to do and where to turn next. i can't believe i am getting straight declined for an amount so small, due to the deposit we have and the fact that my wifes credit score is EXCELLENT.
if my broker responds and says i can get you £50k at 4% for instance can i tell her to get lost ? and i want a refund ? or has she done her job?
i need advice of what to do and what to try please. banging my head against a wall here!!
thanks

ACG

This is why I say do not pay upfront fees. If the loan amount is not enough they have not got you a mortgage for what you need, but if the rate is 4% will they still refund the fee as they have still got you a mortgage.

Personally I don't think a rate of 4% with 3 years discharged is bad. It coukd be better and done at normal rates but if you are failing the credit checks with those lenders the you may end up with higher rates or nothing at all.

Have a chat with the broker. No need to tell them to get lost, just have an adult conversation without getting irate. Of the deal does not work for you tell her not to do the credit check.

luke.sibley

Thank you for your response. I wasn't keen to pay an upfront fee. But due to my circumstances when I was talking to any lenders to ask if they would consider I was just getting told no straight away. I agree if it's not enough then she can't do what she said. If it is enough with a higher rate then that's upto me to accept it or not. If this last one she is trying declines me then I am at a complete loss and don't know what to do after that. I didn't mean get lost like that. I ment it more as sorry but that's what you told me you could get me so I want my money back.

amnblog

Your broker went to Accord as they are one of a handful of lenders that will consider ex Bankrupts 3 years after discharge.

(The majority want a six year gap, some won't entertain you at all).

I can think of perhaps another 4 lenders that will consider this case.

As to what your broker may of may not come back with, and whether you need to pay her. That depends entirely the terms on which you engaged her.

We require a nominal engagement fee to investigate options on a case such as yours and that would be the limit of your exposure if something came up that meant there were no lending option that you considered suitable.

luke.sibley

thanks for your response. I understand what you are saying.
its just frustrating when you meet all the criteria and then fail on a credit check. of course my credit isn't going to be great! im a discharged bankrupt. I also agree that paying isn't an issue we all go to work for money not for free.
I am waiting for her to call me this evening to discuss. fingers crossed she has some good news. I don't know much about mortgages etc so learning as I go but obviously the lower the % the better.