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mortgages and bankruptcy
sleuth_2
Posts: 4 Newbie
I'm due to be discharged from my bankruptcy in May, we have our own home with a mortgage and my partner had been able to purchase my interest in the property. We hope to be able to move, does anyone have experience of getting a new mortgage in this situation? Thanks for replies.
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Comments
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You may have better luck if you can put the house and mortgage in your partners name.
If your partners income can't justify the size of mortgage you need, you will need a joint mortgage. I imagine that the rates you can get will be high as your credit rating will be low.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
It may be possible but I'd need more information from you
1, what is your house worth?
2, how much mortgage do you have on it?
3, what price is the house you wish to buy (theoretcially)
4, what do you earn?
5, what does your partner earn?
6, are you both employed or self employed?
7, does your partner have a history of adverse credit or even odd missed payments?
8, who is your current lender?
9,does your partner have any credit e,g, loans, credit cards, if so what are monthly costs?
10, do you get any working tax credit or have any other income such as benefits, rental income etc?
If you can build a picture for me I will try and help youI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi Mortgage Mamma
Approx equity 90k
Looking to borrow between 90 - 120k
Combined incomes 45k and both employed
Partner has a credit cards and loan but no adverse credit
No tax credits
Thanks0 -
do you know how much per month your partner pays in credit commitments? its not looking too bad based upon what you say, but you would be paying a higher rate no doubt about that. Whats your partners income on her own?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you have any joint financial relations now or then the lender may turn it down. They are aware that this can be used so you have to watch what your doing.
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Hi - Partner is 21k and approx £600 pm, Thanks0
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its the credit commitments that are going to let you down on this one, can you pay some or all of it off prior to getting mortgage?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Unfortunately no, we were hopefully going to pay some off when we moved to make things easier, Thanks again0
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