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Remortgaging - is it possible after bankruptcy?
Trixy
Posts: 29 Forumite
Hello
My husband and I were discharged from our bankruptcy in 2017 and it no longer shows on our credit records.
Is it possible to remortgage after bankruptcy? We are currently with Landmark Mortgages (Northern Rock then NRAM) paying almost 5% interest and I wondered if were able to move and if so, how easy/difficult it would be?
We have never missed a payment with our mortgage since we took it out with Northern Rock almost 14 years ago...so hoping that will go in our favour?
Any advice would be much appreciated as we still have just under 17 years left on our mortgage with no option to fix rates etc.
Many thanks in advance.
My husband and I were discharged from our bankruptcy in 2017 and it no longer shows on our credit records.
Is it possible to remortgage after bankruptcy? We are currently with Landmark Mortgages (Northern Rock then NRAM) paying almost 5% interest and I wondered if were able to move and if so, how easy/difficult it would be?
We have never missed a payment with our mortgage since we took it out with Northern Rock almost 14 years ago...so hoping that will go in our favour?
Any advice would be much appreciated as we still have just under 17 years left on our mortgage with no option to fix rates etc.
Many thanks in advance.
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Comments
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Yes it is possible to remortgage. Cheapest option may be actually with your current lender if they offer fixed deals, they'd not be required to do the searches and affordability tests a new mortgage company would.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Yes it is possible to remortgage. Cheapest option may be actually with your current lender if they offer fixed deals, they'd not be required to do the searches and affordability tests a new mortgage company would.
But NRAM are trying to reduce their mortgage book, so are not offerinfg deals in the hope that everyone will remortgage elsewhere.
Martin Lewis has taken up you cause by blogging about mortgage prisoners who are caught with existing lenders who don’t offer deals and can’t escape. Not sure there is a solution at present.
OP, are you sure it won’t show on your credit records? Usually it shows for 6 years, even if you are discharged.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Silvercar is correct, my current provider doesn't offer any deals as they want to reduce their mortgage book. They wrote to us a couple of years ago telling us basically if we wanted a new deal we'd to look elsewhere.
Silvercar - apologies we were discharged in 2014 but it came off our credit file in 2017.0 -
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Ridiculous as it is, one of the credit agencies don't show my bankruptcy, and I was only discharged in 2016. They do however show a CCJ from late 2013.Save £12k in 2025 #33 £2531.77/£5000 (If this carries on I might have to up my target!)
April take lunch to work goal - 3 of 120 -
So are there any mortgage companies that would consider us?0
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Normally ex BR's would find a good 'whole of market' broker to assist. There have been plenty of posts on here from ex BR's who have been able to secure a mortgage with the assistance of a specialist broker. Hope it goes well for you
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