Where to start?

greatfloyd69

I was wondering if anyone could help, myself and my partner were hoping to start looking into mortgages as he's now 7 years discharged from a bankruptcy but I'm at a complete loss as to where to start. I've phoned a couple of lenders... Post Office stated their policy is that they will never lend to anyone with a history of bankruptcy then I tried YBS who told me they'd want 15% deposit, which isn't anything we can afford in the area we're in.



We don't really have much in the way of a deposit, the house we rent is going up for sale in 8 months time (we currently have about £6000 saved, hopefully more in 8 months time) and we can't afford the house we're in (£280,000 - £300,000 value - 15% = £45,000 approx)



So after the two calls i made I honestly felt like giving up at the first hurdle... should I be realistic, consider living with family/somewhere extremely cheap or should i persist and go somewhere to get advice like a broker that may be able to help? Both myself and my partner have had mortgages before and he was discharged bankruptcy July 2011.


Thank you

ACG

Speak to a broker. Once you have been discharged 6 years there are lenders who will consider you with 5-10%. It may need to still be declared with most of them so would still get taken in to account when assessing your credit worthiness but not necessarily all of them.

Luke86

100% speak to a broker. I bought a house on my own and didn't know where to start. As my parents own houses they got me on to him literally the day I started saving. And he advised me about debts, credit cards and everything. Without that advice, I'd have had to wait 12+ months to clean up my credit rating (something that my mate is going through now, even though I gave him the broker's number a year ago).

Good luck!