📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Hi there

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 .
«1

Comments

  • 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)
  • 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 again
  • 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 start
    Feb 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 £30,567.92
  • 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 thanks
  • SusieT
    SusieT Posts: 1,267 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    martin22 wrote: »
    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 thanks
    If you do a search or post a thread on the house buying forum about L&C you may find other people have used them....
    Credit 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 2036
  • 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 one
  • fatbelly
    fatbelly Posts: 23,040 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    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/
  • Thanks for reply
    Yes I am in electrorall roll,but my yearly is 20k, ��������
  • fatbelly
    fatbelly Posts: 23,040 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    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 no
  • 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 thanks
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.4K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.