Broker or Bank

Louloud1978

Hi I am just wanting some advice, as we seem to be at a bit of cross roads. We have sold our house the house is in my partners name and we have put an offer in for for another property which has been accepted. I have had bad credit 11 years ago in the pass due to divorce I unfortunately had to go bankrupt and lost the house in the process my partners credit is excellent and mine is too now, the bankruptcy and the repossession are not longer on my credit report I know I will need to declare this when applying but wondered if it’s worth going to my high at bank who I have banked with for 11 years or go through a broker any advice would be great! 

haras_n0sirrah

I may be biased as a broker but especially in the current climate and with a bankruptcy and a repossession I would say broker. The bankruptcy will come up on solicitor searches so needs to be declared even if not on credit file

[Deleted User]

Criteria is black and white. Either you meet the requirements of your bank or you don't.  Especially with repossessions and bankruptcy.   Loyalty of banking will mean nothing to high level criteria
You could go to your bank and you might meet criteria and you'll get a mortgage.  Or you won't and you will have wasted your time.

Go to a broker.  They will go to your bank for you if they are the best option but if it doesn't work you won't have to do another 90 minute meeting, the broker will have enough info to check with 70 lenders at the same time. 

Louloud1978

Thank you, I wanna going to go through Barclays and have an appointment with them on Thursday didn’t know whether it would be wasting our time thanks for the advice I will contact someone I know tomorrow 

Louloud1978

Thank you. My banks criteria don’t take bankruptcy and repossessions into account if they are over 6 years old.

haras_n0sirrah

Were the repossession or any written off debts with Barclays? Lenders internal records can last longer than your credit file
It may be worth checking with a broker anyway as the lender may not be the cheapest

Louloud1978

No none of the debts were with Barclays. 

[Deleted User]

as far as i can see Barclays will take bankrupt 6 years from discharge but wont take a previous repossession ever.   A few high street lenders use a 6 year limit and there is even a high street lender who will lend on prime rates on repossession 4 years prior (although getting through the credit scoring with them might be another story)

Louloud1978

Hi thank you for the advice my credit score is fine now, it does however say at Barclays they will potentially allow repossession after 6 years, we have now anyway got an appointment with a mortgage broker tomorrow 

Louloud1978

The repossession was in 2009