Bankruptcy and mortgages

arcon5

Just wondering, has anybody had any experience getting a mortgage after bankruptcy?
I was bankrupt Jan 2013 and discharged 2014... it would seem the 6 years post bankruptcy thing is based on the discharge date and not the actual bankruptcy date.. has anybody had experience getting a mortgage before that?

kingstreet

At least two well-known high street lenders I can think of work from six years from date of registration not date of discharge so it sounds like you are being ill-advised somewhere along the line.

ACG

Most do work from the discharge date, but as kingstreet says there are a couple who will work from the registration date.

There are also a few lenders who will consider you once you have been discharged for 3 years.

So you should have a few potential options, subject to how everything appears on your credit report and the rest of the case.

arcon5

Thanks.


What banks are they please?


My mortgage advisor was unsuccessful in sourcing any

[Deleted User]

Anyone who has been in the industry for any period of time should be able to place a bankruptcy discharged 5 years ago.
Are you sure it hasn't declined on other factors? Residual default data? Low credit score? Low deposit?

I don't think I can name lenders on here but I'm going to guess there is something else declining the case or your broker has chosen some very unsuitable lenders to approach

arcon5

Deleted_User wrote: »

Anyone who has been in the industry for any period of time should be able to place a bankruptcy discharged 5 years ago.
Are you sure it hasn't declined on other factors? Residual default data? Low credit score? Low deposit?

I don't think I can name lenders on here but I'm going to guess there is something else declining the case or your broker has chosen some very unsuitable lenders to approach

I originally applied for an AIP with Natwest and got approved. But I clicked no to the bankruptcy part thinking they went on date of bankruptcy rather than discharge.


Initially the broker was confident I will get an approval for a full application after she saw my credit file. But then she realised the 6years I told her about was from bankruptcy and not discharge. That's when it fell flat on its face

sal_III

Why did you click on anything yourself? Granted I only have experience with one broker so YMMV, but for me it was just a case of supplying the broker with all details and let them pick the most suitable Lender and apply for DIP and later mortgage on my behalf.

MovingForwards

Deleted_User wrote: »

Anyone who has been in the industry for any period of time should be able to place a bankruptcy discharged 5 years ago.
Are you sure it hasn't declined on other factors? Residual default data? Low credit score? Low deposit?

I don't think I can name lenders on here but I'm going to guess there is something else declining the case or your broker has chosen some very unsuitable lenders to approach

Mortgage companies don't see the CRA generated scores as they have their own algorithms which the applications have to meet.

arcon5

sal_III wrote: »

Why did you click on anything yourself? Granted I only have experience with one broker so YMMV, but for me it was just a case of supplying the broker with all details and let them pick the most suitable Lender and apply for DIP and later mortgage on my behalf.

I got the AIP before getting the broker. Decided it wise to get one instead, but it seems this one doesn't have the resources to source me one by the sounds of it

[Deleted User]

arcon5 wrote: »

I originally applied for an AIP with Natwest and got approved. But I clicked no to the bankruptcy part thinking they went on date of bankruptcy rather than discharge.


Initially the broker was confident I will get an approval for a full application after she saw my credit file. But then she realised the 6years I told her about was from bankruptcy and not discharge. That's when it fell flat on its face

Which would imply that your credit rating is decent enough to get an AIP but get knocked out on criteria

On a quick scan of lenders I us3, I would guesstimate around 25+ that would look at a bankruptcy discharged 5 years ago.
How many lenders does your broker have access to?

arcon5

Deleted_User wrote: »

Which would imply that your credit rating is decent enough to get an AIP but get knocked out on criteria

On a quick scan of lenders I us3, I would guesstimate around 25+ that would look at a bankruptcy discharged 5 years ago.
How many lenders does your broker have access to?

I don't know tbh.
You reckon You have the resources to potentially source a mortgage for somebody discharged in 2014 Jan? If so can you message me your website or something so I can see who you are and what you do?