Bankruptcy will I get first time buyer mortgage in 6 years?

Mitchel.

Hello,

Just wondered if people could get a mortgage the bankruptcy falls off your file especially would like to hear from first time buyers how it affected them? is it more likely ill have to wait 10 years from file for bankruptcy?

SusieT

Yes as an ex bankrupt you can get a mortgage, but would need to be careful with the lender that you go with. Some will ask if you have ever been bankrupt, others will ask if you are bankrupt. The former may choose not to offer or may want higher interest rates, the latter could be with normal conditions. At that point it may be better to speak to a broker so that they can place you with a suitable lender.

philnicandevan

Do as Susie T suggests.....find an independant broker and they'll be able to help hopefully as well as deposit suggestions etc

ManyWays

you should be able to clean up your credit record so all the problems have gone when the bankruptcy marker goes and get a credit builder card after a couple of years so you have a few years of good repayments (repay in full each month of course).Then it depends on what you manage to save up and this is the big advantage of bankruptcy over an IVA or DMP is your debt payments stop much sooner so you can save a better deposit.
Always go through a broker but you should be able to get a mortgage from a normal (not bad credit) lender. 

TheGardener

I would agree with previous posters - you need to run a squeaky clean personal finance regime with zero avoidable debt and stick to the rules around large purchases immediately prior to an application.  ALWAYS pay all bills on time and make sure you have a solid deposit. Exemplary financial propriety is the way to go. These things are crucial to all potential mortgage applicants but particularly so for ex BR's