Trying to obtain mortgage 7yrs post bankruptcy

toots79xo

Hi Everyone 
myself & husband are nearly 7 years clear of our bankruptcy (negative equity from property crash 2007).
we both have excellent credit scores and no dept.
our rental is now being put on the market and this is our third rental over the last 7 years. Heart is broke with all the moving. We have 10yr old & 7 yr old so it’s just getting harder to explain.
we don’t have the huge 15% deposit required for a mortgage. We found Santander will accept a loan as a deposit.
we don’t seem to be able to get one despite our good score/affordability. 

Seems even though some lenders say they will lend even to history of such things, it doesn’t seem to be the case.
has any one any advice. We are heart broken 😞 

Rainbow23

Hi, have you tried phoning London & Country, they are free mortgage advisers, we found our mortgage thru them with Halifax. 

toots79xo

@rainbow23 we are in Northern Ireland. I sounder would that matter.
we have phoned a number of financial advisers/mortgage advisers.
Did the soft search but they all seem to not allow past credit problems or won’t allow loans for mortgage deposits 😣

sammyjammy

Do you have any savings for a deposit?  Not many lenders will take a loan as a deposit even if you can get one and that's before even bringing in the past bunkruptcy which will also limit lenders.

MalMonroe

Have you tried putting your names on your local social housing/council house waiting list at all? I know it's not ideal and not what you're wanting but with two young children, you would be bound to be quite near the top of the list.  Renting privately is expensive and, as you have found, unreliable. I'd be worried - if I were you - about getting into debt again, especially as you are talking about getting a loan for your deposit.

There's info in this link https://www.housingadviceni.org/waiting-list-housing/applying-social-housing-northern-ireland
and I don't know if it's the same in NI - but it should be as we're all in the UK - after a few years you can apply to buy, at a discount. It's one way to get your feet on the property ladder.  You can even apply online (which is better at the moment, given the pandemic).

There are other ways of finding somewhere to live than buying a property that's going to drain your resources. Have a good old google! Or click on the link I've given above. Don't be heartbroken, be pro-active because you have two small children depending on you.