Mortgage after BR

Pepper25 · 27 March 2021 at 2:42PM

Hi, I was forced into BR in Nov 2017 and I was discharged in Nov 2018. My credit score is slowly going up but I have been told by financial experts that before 3 years I can get a mortgage but it will be a larger deposit and the rate won't be very good. I really want to buy now (3 years will be up this year Nov 2021) is there any advice here for getting a mortgage please? Or should I wait until Nov to even start looking? Thank you. Nick

cymruchris · 27 March 2021 at 2:46PM

Do you have a substantial deposit available? If you do - then talking to a good broker (and there's a few on here) might outline your current options.

The_Real_Cheddar_Bob · 2 April 2021 at 9:58PM

I was able to buy but I think it was later than your timeframe. LTV will be key for you

TheGardener · 3 April 2021 at 12:56PM

The decision on whether to offer you a mortgage lies of course with the lenders. The general rule of thumb most mortgage lenders use for ex-BR's is 6 years although many have managed to get one earlier. With a large deposit, a good broker may be able to find you a lender. However, interest rates may be punitive/prohibitive. Even if you found a lender so soon after BR, you would probably be tied to them until you pass the 6 years since BR mark. Would the benefits you want now (to buy a house) be worth the very large amount of extra interest you would pay for the next 3+ years?