mortgage advisor / broker recommendations wanted

Huey_McGruey

Hi there,

My husband and I are would love to buy our first home this year. Due to business failure we both went bankrupt and it is coming up to 6 years since this happened. We are looking for some help with finding a mortgage and advice on buying (we would maybe like a help to buy property and mortage but unsure if we would be eligible) and would like any recommendations for brokers. Please PM me if you can help. We are in Leeds if that makes any difference.

Many thanks in advance for any help

ACG

Brokers on here are not allowed to initiate contact so you may find PMs limited.

You should have "normal" lenders available to you now, but obviously there will be more once you hit the 6 years discharged.

Between now and then, it is worth getting a copy of your discharge certificate/letter from the courts if you do not already have it. It can take a couple of weeks to arrive.

Also ensure you have copies of your credit reports at the ready for any broker you go with and a list of any companies involved in the bankruptcy.

Everything else should be relatively normal and easy enough to get.

kingstreet

The pool of lenders will depend on what you are taking as six years from, registration or discharge.

This will be vital to any broker you speak to.

Huey_McGruey

kingstreet wrote: »

The pool of lenders will depend on what you are taking as six years from, registration or discharge.

This will be vital to any broker you speak to.

It was May 2013 that we registered, so 5 years since discharge coming up. Does that make a big difference, would we be advised to wait until 6?

Many thanks

Huey_McGruey

ACG wrote: »

Brokers on here are not allowed to initiate contact so you may find PMs limited.

You should have "normal" lenders available to you now, but obviously there will be more once you hit the 6 years discharged.

Between now and then, it is worth getting a copy of your discharge certificate/letter from the courts if you do not already have it. It can take a couple of weeks to arrive.

Also ensure you have copies of your credit reports at the ready for any broker you go with and a list of any companies involved in the bankruptcy.

Everything else should be relatively normal and easy enough to get.

Thank you. Any tips on finding a broker? Do you think we need a specialist in this area? (as in people who have been bankrupt before)

ACG

You either need a good experienced broker or one who specialises in adverse I would say.

An average broker or a useless one will probably go straight to an adverse lender. In reality based on what you have said, there is a possibility of normal rates.

Most "normal" lenders will want to see 6 years discharged, some will want 3 years discharged, others 4 and some will want 6 years from registration.

A lot will come down to deposit I suppose. If you have 5-10% then I think you are asking too much. If you have 20% plus then you should be fine, 15% is a little 50/50 but well worth looking in to.

Huey_McGruey

ACG wrote: »

You either need a good experienced broker or one who specialises in adverse I would say.

An average broker or a useless one will probably go straight to an adverse lender. In reality based on what you have said, there is a possibility of normal rates.

Most "normal" lenders will want to see 6 years discharged, some will want 3 years discharged, others 4 and some will want 6 years from registration.

A lot will come down to deposit I suppose. If you have 5-10% then I think you are asking too much. If you have 20% plus then you should be fine, 15% is a little 50/50 but well worth looking in to.

At the moment we have a 5-10% deposit, which is why we were looking at help to buy as a possibility. Still don't really really know where to go from here! We'll keep saving for now but where do you find a good broker for adverse credit situations like ours? Should we wait 6 years discharged?

ACG

Ah sorry I missed the HTB bit.
HTB is not really a market I get involved in but I am sure there will still be options.

Have a look on google for adverse mortgage broker/mortgages for ex bankrupts something along those lines?