Declared Bankrupt December 2016, discharged 2017, just bought a house :)

Jono987

Hi everyone, not hear to brag but wanted to share with you all that i just got a mortgage, with a 20% deposit, just over 2 years after being discharged
Hopefully in these crazy times people will find some comfort in the fact that it is definitely possible, and bankruptcy isnt the end of the world!

mwarby

Good news, I'd have expected in the current crisis for it to be nigh on impossible. Would perhaps be interesting to know what rate you got, what the loan size was and wether it was a sole application or joint or guarantor

Jono987

Join App, House was 140k and mortgage for 112k, interest rate 2.2%, no guarantor or anything.

cymruchris

Good to hear a positive story of recovery - keep up the good work!

homebuyertoday

Hey guys,
    I was bankrupt 01.08.2016 discharged a year later, so slightly more than 3 years now. It's great to hear about your success stories. Me an my wife who has never been bankrupt just reserved a property a couple of days ago and going through application with Nationwide - DIP was accepted. We are using a HTB scheme. However I had a look into all the reviews here and it seems that most of the people in my situation had a very little luck with Nationwide (Or maybe it's not being shared widely). Which lenders did you use ? 

   Would be great to seek for other options here too. 

KeepOnKnitting

Just wanting to add to this as I know it made a difference for me to know that I could one day be a homeowner when I was looking at bankruptcy.

Home repossessed in 2014, bankrupt in 2015, discharged in 2016. Saved and used two credit cards paid off in full each month. Finally completed on my new home this month with a 20% deposit and 2.2% interest rate. I used a broker who specialised in adverse credit mortgages, and it made life so much easier. There is life after bankruptcy.

ryangildchrist

Jono987 said:

Hi everyone, not hear to brag but wanted to share with you all that i just got a mortgage, with a 20% deposit, just over 2 years after being discharged
Hopefully in these crazy times people will find some comfort in the fact that it is definitely possible, and bankruptcy isnt the end of the world!

How did you save 20% deposit in 2 years?

surely the official receiver will be asking questions 

also how did you get mortgage approval with recent BR?

flipflopflo

Why  would the OR be asking questions? @Jono987 is discharged and is not under an IPA so is free to do what s/he wants with any money earned. I’m guessing BR has helped sort themselves out money wise as it is designed to do and they have turned their life around. It’s very easy to save when you have no debts and your brain is in the right mindset. Plus there could have been an inheritance or a family gift. 

kayleigh321

KeepOnKnitting said:

Just wanting to add to this as I know it made a difference for me to know that I could one day be a homeowner when I was looking at bankruptcy.

Home repossessed in 2014, bankrupt in 2015, discharged in 2016. Saved and used two credit cards paid off in full each month. Finally completed on my new home this month with a 20% deposit and 2.2% interest rate. I used a broker who specialised in adverse credit mortgages, and it made life so much easier. There is life after bankruptcy.

Do you mind me asking which broker you used please and who the lender was? We have only tried one broker so far but they could only find one lender for us and said we would need a 25% deposit and there would be a 7% interest rate on it! Hubby was discharged over 3 years ago so was really hoping for a better rate than that. 

MissMia60

Jono987 said:

Hi everyone, not hear to brag but wanted to share with you all that i just got a mortgage, with a 20% deposit, just over 2 years after being discharged
Hopefully in these crazy times people will find some comfort in the fact that it is definitely possible, and bankruptcy isnt the end of the world!

That's amazing🥳😍