Mortgage after Bankruptcy

vic1505

Hi I’m looking for a bit of advice i live in Scotland and my date of discharge from my bankruptcy was 4 years ago I’m now trying to get a mortgage and not sure where to start or what company would even touch me the property I’m looking at is around £85,000 I have a deposit of £60,000 I work full time for the NHS and have for years do you think I should just not bother even trying thanks for any help

D_M_E

With a deposit that large don't think you'll have much bother finding a mortgage.

Find an independant broker and declare the bankruptcy and see what they can do for you.

You never know until you try.

EDIT: out of that you'll also have to find various fees, such as solicitors, moving, possibly broker fees, so allow £10k for everything and you should get a lot of change out of that.

Yes, £10k is a bit high but you don't want to spend everything and leave yourself short - there's always an emergency waiting around the corner.

vic1505

I’ve left myself with £20,000 with putting down £60,000

MovingForwards

You might want to set your sights on a bigger property as you will get better rates if you take out a larger mortgage ie £75k.

Happy home hunting!

ACG

£25,000 mortgage is probably the minimum possible. As suggested ironically you will have more lenders if you need a bigger mortgage but 4 years discharged at such a low LTV, there should be options - have you tried speaking to a broker?

vic1505

No I haven’t spoken to anyone yet was just wondering if I was waisting my time or not

Potbellypig

With a deposit that big, you've got no worries.

mobilejo

This reply might be late for the OP, but will be helpful for others reading this in future - Nationwide & Skipton will consider borrowers 4 years or more post-discharge according to their lending criteria.

They will refer when making the application, but it can be accepted providing their other criteria are met.

mwarby

I can confirm that Skipton are a good option, I used them via a broker last year, 5 years post IVA completion and 90% LTV. Nationwide weren't interested even with smaller loan at 75%

ACG

I think it is important to be careful with naming lenders.
As you can see from the 2 replies above, fitting criteria and being accepted are very different.

It all comes down to how everything appears on your credit report, who was involved, when it was and also the lenders appetite for that type of business at the time.

Going bankrupt for 1 loan of £20,000 will look a million times better than 20 loans for £500 each. The devil is in the detail.