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Hi there

martin22
Posts: 12 Forumite

Hi there, Im a x bankrupt and discharged april 2013.from 2014 start building my credit,since then i had vanquish and capital one credit card but with high interest ,always have been using them and paid them back on time. however haven't been able to work due to my circumstance. but but now I have a permanent job, in fact with my previous employer. and its been about 4 months now . here comes my Q..
a. I discharged 2013 and i printed my discharged status from Insolvency, and recently checked my credit report on line and i didn't noticed any sign of my only creditor,or bankruptcy and ext...of course to my knowledge, so , is there anything else that i need to do, to clear my name,also still living same address.
b.I live in council flat,and i am entitel to buy it, could i get a mortgage with regard to my bankruptcy,...if No,how long more shall i wait ...if yes ,then shall i go to financial adviser ,mortgage broker or bank again with regard to my bankruptcy and only 4 month employment of course permanent already. and i need about 40,000 for mortgage.
I would appreciate any advice in advance .
a. I discharged 2013 and i printed my discharged status from Insolvency, and recently checked my credit report on line and i didn't noticed any sign of my only creditor,or bankruptcy and ext...of course to my knowledge, so , is there anything else that i need to do, to clear my name,also still living same address.
b.I live in council flat,and i am entitel to buy it, could i get a mortgage with regard to my bankruptcy,...if No,how long more shall i wait ...if yes ,then shall i go to financial adviser ,mortgage broker or bank again with regard to my bankruptcy and only 4 month employment of course permanent already. and i need about 40,000 for mortgage.
I would appreciate any advice in advance .
0
Comments
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Hi B.R would come off your credit file 6 years after the B.R date so your file will be clear now.
Many people on here got a mortgage after 3 years using a broker so with a decent deposit you should be ok.
Watch out for the question ...have you ever been B.R.
A different question to are you currently B.R (which you are not)0 -
Many thanks for reply iuachoclet
A,,as I heard because is right to buy, and you get discount ,banks don't need deposit ,right or wrong, I don't know...
B.with regards to my old bankruptcy is it better to approach a independent financial adviser, any local mortgage broker, do I have to let brokers know that I am a x bankrupt/discharged bankrupt er .
C,is the banks asking Are u ,do you have bankruptcy file or asking have you been bankrupt before,
Many thanks again0 -
I don't know about right to buy so can't answer but you're best to speak to a whole of market broker regarding the mortgage. Santander refuse to lend to ex BR for example so you're better telling the broker everything so as not to waste time or get your hopes up.
Solicitors generally do a check on bankruptcy so if your broker knows the full story you stand a much better chance.
Regardless of whether you need a deposit or not, you stand a much better chance if you have one, at least 10% is usually a good startFeb 2024:
CC1 6537.66
CC2 7804.45
CC3 4221.17
CC4 2053.68
CC5 989.30
Loan 1 3686.44
Loan 2 5275.22
Total £30,567.920 -
Many thanks for reply,
What I am not clear is that do I need to approach a financial advisor, local brokers ,with regards to x bankrupt,
Would anyone recommend L&C or do you know any other mortgage advisor, broker, is it better to use fee broker or free brokers again with regards to bankruptcy, would you recommend anyone,
Many thanks0 -
Many thanks for reply,
What I am not clear is that do I need to approach a financial advisor, local brokers ,with regards to x bankrupt,
Would anyone recommend L&C or do you know any other mortgage advisor, broker, is it better to use fee broker or free brokers again with regards to bankruptcy, would you recommend anyone,
Many thanksCredit card debt - NIL
Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
Mortgage 64,513/100,000 End Nov 2035
2022 all rolling into new mortgage + extra to finish house. 125,000 End 20360 -
Many thanks for reply,
What I am not clear is that do I need to approach a financial advisor, local brokers ,with regards to x bankrupt,
Many thanks again every one0 -
No you should not need any form of specialist broker because of your bankruptcy - it was over 6 years ago. However, whether lenders will consider you for a 40k mortgage will depend on your salary and any other factors on your credit history. Are you on the electoral roll?
I would just follow Martin's guide here
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/0 -
Thanks for reply
Yes I am in electrorall roll,but my yearly is 20k, ��������0 -
I can't see that being a problem, then.
Note the answer in #2:
Have you ever been B.R. - answer is yes (though you will no longer be on the insolvency register)
Are you currently B.R - answer is no0 -
Many thanks for reply,
A. Regard to pay back interest only or pay interest and bit of mortgage ,can I ask what's different, I already aware that its been always recommended to pay bit of your mortgage, so you could be paying back quicker, is there any other reason,
B,at this time would you recommend fix payment or not ,
Ones again many thanks0
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