Shared ownership after bankruptcy

[Deleted User]

Hi

Sorry for bad punctuation, I am on a phone so do not want the forum software to go crazy!

I am looking at shared ownership of approx 80k, deposit 10k so mortgage is approx 2.5x salary (about 30k depending on treatment of OT etc)

Looked at criteria for nationwide and Cambridge building soc, thought Id be eligible after 3 years discharged (4 since BR) and so not FCA definition of credit impaired. Their criteria appears to suggest the same

Emailed brokers after some advice on here re: speaking to brokers, they know the lenders and will be fighting for me in a better way than I could etc. I!!!8217;ve had emails back from both this morning

1 - must be discharged 6 years so we can!!!8217;t help
2 - we have one lender who would take 20% deposit on full build only

Given how popular nationwide are, I assume they have experience with nwide and its a no-go??

I could possibly afford a smaller flat with say 10% deposit which nationwide appear to accept, but ideally want a S/O?? If I was in a flat I would only be moving again in 3 years after 6 years discharged to get a bigger shared ownership!!

kingstreet

If it's a newbuild, Nationwide max LTV is 75% for newbuild flats and 85% for newbuild houses.

http://www.nationwide-intermediary.co.uk/lendingcriteria/new-build

haras_nosirrah

I am a mortgage broker who has specialised in shared ownership for 10 yrs

One of my clients who is a previous bankrupt has just completed on a shared ownership property last month so it is possible.

You won't have the best rates but there are options out there.

[Deleted User]

Thanks - sorry forgot to say - no its resale partly for that reason.

Property value 155k, my share 50% for 77500, deposit 10-13k max depending on what lender demands affordability etc.

Might not be that exact property, but likely to be around that price range for 25%+ (so my loan minimum 60k) - I did see some 25% for 60k etc, but then it would be a sky high LTV or I drop below the minimum lending of 50k for say nwide

[Deleted User]

Thanks haras - how many years discharged if you don!!!8217;t mind me asking?

I understand rates may be high or terms re: deposit, clear all credit cards etc, but I expect that. As its only small value loan even some of the sky high providers say 6% plus isn!!!8217;t too bad as it!!!8217;s only for a few years til I can remortgage (and my understanding with remortgaged is that I can research etc and just whack an app through online like a credit card - if it gets declined it gets declined - clearly the initial purchase or a property move it!!!8217;s a lot more important for it to go through!!!)

I know the proc fee wouldn!!!8217;t be anything to write home about either so prepared for a small broker fee