95% mortgage after bankruptcy

maria1up

My hubby and I went bankrupt in 2017. I have been in touch with a mortgage advisor who has advised that I can get a mortgage in principle from June this year. Would it be possible to get a 95% mortgage given the bankruptcy seen as it is backed by the government?

Thanks

NewLeaf1986

It's highly unlikely; a history of bankruptcy will result in lenders wanting a lower LTV irrespective of the government backing... They still have a duty to lend responsibly and higher LTV products always carry a tighter credit score than lower ones to ensure they are fulfilling this duty 

Besides which, you'll be far better off in the long run saving more and borrowing with an 85% LTV a couple of years later due to the lower APR and wider range of mortgages available to you. 

I was BR in 2019 and this is what OH and I are doing - saving a 15% deposit ready for us to start looking for an 85% LTV in 2023. 

EDIT: You'll probably be able to obtain a 95% mortgage when you've reached the six year mark and your BR order falls off your credit file but you'll have easily saved 15% by then.

And my god you'll thank yourself later for having waited for the 15% milestone. 

MovingForwards

https://forums.moneysavingexpert.com/discussion/6247486/mortgage-after-bankruptcy#latest

In March 95% mortgages were known, but full details were not at that stage. Your previous thread had a broker show specialises in adverse credit mortgages comment.

As you've got an adviser, assuming they are an independent one not attached to a bank or estate agent, nor one of the free conveyor belt ones, what have they said?