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Advice on mortgage and Bankruptcy
DragonKnight
Posts: 16 Forumite
Hello All,
Thanks for taking the time to read this. Basically in a nut shell, me and my partner have been renting for the past 15+ years and never owned a place of our own.
My partner went bankrupt in June 2012 and so it will be removed from her credit file next month and I was subject to a DRO in October 2013 so that will clear from my file towards the end of next year.
They're recently started building some new houses in our local village and we have decided to see what are options are and if we could stand a chance of ever getting one. We have looked in to the Help to Buy scheme and it looks fantastic, they will provide a 20% deposit as long as we provide 5%. BUT do they do credit checks? or is it just an affordability check?
Also Would we stand a chance at getting a mortgage with anyone? due to our adverse credit?, I know my partner is having her Bankruptcy wiped next month which i believe should help massively? BUT is my DRO classed as a Bankruptcy? Or is it insolvency? Would this still hamper our chances at getting a mortgage? Should we wait until the end of next year and would we stand a better chance then? The only problem with that is the Help to buy Scheme is only available on new builds so we would most likely miss out?
We both have relatively good jobs and each earn above average wage so we shouldn't have an issue with any affordability checks.
Any help and advice would be much appreciated.
Thanks for taking the time to read this. Basically in a nut shell, me and my partner have been renting for the past 15+ years and never owned a place of our own.
My partner went bankrupt in June 2012 and so it will be removed from her credit file next month and I was subject to a DRO in October 2013 so that will clear from my file towards the end of next year.
They're recently started building some new houses in our local village and we have decided to see what are options are and if we could stand a chance of ever getting one. We have looked in to the Help to Buy scheme and it looks fantastic, they will provide a 20% deposit as long as we provide 5%. BUT do they do credit checks? or is it just an affordability check?
Also Would we stand a chance at getting a mortgage with anyone? due to our adverse credit?, I know my partner is having her Bankruptcy wiped next month which i believe should help massively? BUT is my DRO classed as a Bankruptcy? Or is it insolvency? Would this still hamper our chances at getting a mortgage? Should we wait until the end of next year and would we stand a better chance then? The only problem with that is the Help to buy Scheme is only available on new builds so we would most likely miss out?
We both have relatively good jobs and each earn above average wage so we shouldn't have an issue with any affordability checks.
Any help and advice would be much appreciated.
0
Comments
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The HTB Agent checks affordability only.
The lender checks for the mortgage are considered sufficient for credit purposes.
A DRO on HTB? Not sure, never tried. However, you should speak to an independent broker about your options.
Yes, HTB Equity Loan is newbuild only.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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