Chance of a mortgage in our position

Repsol

Hi,

We plan on meeting with a broker early next year once our current house is ready to go on the market (needs some painting and a new bathroom fitting) but in the meantime i’m after some educated opinions on the likelihood of getting a mortgage based on our history.

I was bankrupt in Feb 2012, discharged Feb 2013. Salary of £40k, same employer for past 4 years. No defaults showing on credit file. Currently have a mortgage which we’ve had for past 10 years - didn’t lose it during the bankruptcy as we were in negative equity.

OH is a contractor (sole director) through a limited company. Currently on a 6 month contract but hasn’t been out of work at all since starting contracting c.9 years ago. Earning £425 per day. No defaults.

We’re looking for a house in the region of £400k but at the moment only have a 5% deposit (+ stamp duty, legal, estate agent, movers costs etc). Not sure if we have any chance of getting a 95% mortgage in our situation or if we need to save up to get the LTV at 90% or lower?

Any input would be appreciated.

Thanks.

JonathanBFS

You have hope, abliet at 80% ltv if you can?

I have placed two ex bankrupt this year under the usual 6years discharged for high street lending.

However once this clears off your credit file, it’s all done to your credit rating based on looking at 95%