Getting a mortgage with an ex bankrupt

chev_chelios

Hi all,

I'm looking for advice on how to start looking for a mortgage with my wife who has been declared bankrupt before we've met*. We currently live in a flat I own and want to move into a bigger place. I know we can get a decision in principle, but I also know that the DIP isn't a guarantee we will get the mortgage. Given this how do we start? I'm wary of just starting to apply because of creating financial connections between us.

*) Bankrupt in September 2014, discharged a year later. We'll probably have to wait until 3 years discharged.

amnblog

Unless you want to use a specialist Lender you are looking at another 12 months before there are options on a joint application basis.

chev_chelios

Do you mean September 2018? 3 years discharged?

David_White

It's possible but you are likely to have high interest rates and will require a large deposit.

ACG

3 years discharged, so September next year and there are high street options - subject to passing the credit check.

There are 2-3 lenders now who would consider you but rates will be higher.

In either case, you will likely need a minimum 15% deposit but possibly as high as 25%.

chev_chelios

ACG wrote: »

3 years discharged, so September next year and there are high street options - subject to passing the credit check.

There are 2-3 lenders now who would consider you but rates will be higher.

In either case, you will likely need a minimum 15% deposit but possibly as high as 25%.

We want to wait until next year and save up a bit more. We should be ok for 25% deposit. My own CS in very high, my wife's although it rose recently, not so much (560 on Noddle, 305 on Clearscore). She did get approved for a Capital One CC (£200 limit) and a contract mobile phone.

Anything in particular that we can do now and in the future to help our chances of passing the credit check? And who would be the best (most likely for a positive outcome) high street options?

ACG

Dont apply for too much credit, enough to show you can keep an handle on it but not too much to look like you are taking out loads.

Ensure ALL payments are on time.

And to be honest, it is just a case of time being the greatest healer.

I can not name the lenders as we do not have enough information to go off plus a lot can change in a year and also its not great business practice to be telling people things that keep us in business. KFC have their secrets, we have ours :P

chev_chelios

Thanks, one more thing though.

Apart from applying, is there any way to know if we will actually get the mortgage?