We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Post BR - new mortgage application

Options
Hi, looking for some advice. My circumstances are this. My wife and I are 6 1/2 Years post BR, in which we had a voluntary repossession, and handed the keys back in. We did however retain our first small house which had been rented out for a number of years. and bought out the sequestrators interest. My credit score is fair or good depending where you look and my affordability is quite good. However we have found out my wife had a CCJ after the BR which should have been included. so was missed. but will be settled. We now want to move on again, and try and get a bigger house. We will have a deposit of around £15-17K aiming for 10%, by the summer, from house sale and savings. Question would be are we likely to get another mortgage, and if so could anyone recommend anywhere. All suggestions welcome:)

Comments

  • iquit
    iquit Posts: 1,939 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I had similar experience, BR and repossession. Managed to raise just over 28% deposit and got a mortgage through a broker. Good luck.
    2019 MFW No. 74 £13700/£30000 (45.66%)
    12k in 2018 No. 98 £6274.19/£18000 (34.85%)

    BTL (start) £97440.00 (current) £68000.00
    Residential (start) £275000.00 (current) £268000.00
  • Thanks that is very encouraging, knowing someone in a similar boat has suceeded:)
  • ACG
    ACG Posts: 24,542 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Was the bankruptcy 1 year?
    If so, does that mean you have been discharged for 5.5 years or 6.5 years? If you are looking to buy in the summer, I would probably hold fire until the 6 years as it will make a huge difference in your options for the sake of a month or 2.

    As you have time on your hands, I would try and get your credit report sorted so the CCJ is showing as part of the bankruptcy.

    10% should be possible both now and after the 6 years however.
    I am a Mortgage Adviser
    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.
  • Yes we are 6.5 years post discharge. Had been told last summer at our 6 yr post discharge point we would have to wait another year, before any high street lender would look at us.As for the ccj I read that it stays regardless, but to just get it satisfied, even though it had been missed in the BR. Should we be doing anything else?
  • ACG
    ACG Posts: 24,542 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If you are 6 years discharged you are fine.
    You do not need 7 years discharged, it may make a slight difference but after 6 years it is more or less as good as it will get.
    I am a Mortgage Adviser
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.