Mortgage rates for ex bankrupts

Jock1

Brill, I guess will hang fire for another year and will be in touch with you then ACG. I think by then everything would have dropped off my credit file, apart from the bankruptcy itself.

Have read a few of your responses, and you always give what seems like good honest advice 👍

ACG

I tend to find it works best. If people come to us, we only get paid if the customer gets their Mortgage so it is a waste of everyones time if we string people along.

I could be on the golf course or with my little girl (not in that order if my Mrs reads this post) instead of spending time on cases that I dont think we can place.

KeepOnKnitting

I am getting to this stage myself. I will be finishing my degree and starting a full-time job next month and will then be on the final deposit saving push before trying to get a mortgage. I will be three years discharged, with a couple of years of paying off two credit cards in full every month. I did have a property repossessed.

My question is how much is a reasonable fee to pay? I looked at simplyadverse, who say they charge up to 6%. If I borrow £80,000, that's one hell of a fee. Is 6% realistic?

ACG

I do know the owner of Simply.
I am not sure what their fee would be, but the key thing in what you have said is "up to" 6% does seem on the high side though.

In the example I gave above where the customers had an IVA and bankruptcy, we charged £1,250. I would expect a specialist adverse broker to be somewhere in the region of £1,000-1,500.

Jock1

I think I need to wait for 3 years discharged, but I do worry about BREXIT impacting adverse lending....and the possibility of a hike in house prices. You mention 2.89% at 3 years discharged, so do they accept 2 years discharged and if so what LTV and APR?

Thanks again

ACG

No, 3 years minimum for that particular lender.

There are lenders who will consider you with less than 3 years discharged but there is a big jump in rates - around double, if not a little more.