Successful mortgages after Bankruptcy?!

Jamgeorge

I’ve noticed that there’s not many people st all with success stories??
I’m totally out of bankruptcy on 9th July that’s my 6 years done.
No sarky comments please. I’m just wondering is there not much hope?!

ACG

There are a few stories on here.

How long have you been discharged for? That is the all important date. With 3 years discharged, there are lenders who theoretically will go up to 90%, although probably more like 85% LTV with normal rates.
4 years there is another lender who kicks in, 5 years another but the bulk of the market kicks in at 6 years discharged.

Brandnewstart79

I!!!8217;m really keen to hear about success stories. I declared in August 15 and I!!!8217;m looking to get on the housing market at the end of the year. Will have a about 40k to put down by then so fingers crossed.

Jamgeorge

Bankruptcy order 9/7/12 so I’ve done my complete 6 years in July...... thanks

System

No problem getting a mortgage then. I banked 17 years ago, at the time you were bankrupt for 3 years minimum, not 12 months or less as it is now. Four years after I had no issues getting a mortgage.

ACG

Most lenders work of the discharge date rather than the bankruptcy date - so it is presumably 5 years clear?

There are still lenders who will look to accept you after 5 years discharged.

@Brandnewstart - depending on how much £40k represents as a percentage, you may find your options very limited and higher rates (circa 6% with a minimum 20% deposit I would say as a starting point).

Brandnewstart79

@ACG The properties we!!!8217;re looking at are around the 180k-200k mark so that would take us to 20%. Would be interested in speaking with someone who could go through it with me.

Jamgeorge

The broker we are dealing with says he uses the order date so it will be 6 years on 9/7
Suppose brokers/mortgage companies are all different....

ACG

All lenders are different, you are right. But as I said, most work off the discharge date. I can only think of one that works from the registration date.