Mortgage Lender

oneandonlyboy

Does anyone which mortgage lenders will consider discharged bankrupts?

Any idea's on rates?

Many thanks.:D

Dan_Collins_2

Depends on LTV and how long ago discharged. Add these details and we may be able to help.

oneandonlyboy

about 50% LTV and couple of months.

That LTV figure might go to 40%

minimike2

I know First National would do it for sure, but there could be some others that are cheaper......would take a bit of research to find the cheapest. You will need to see a broker, but expect to be charged a fee of about 1%.

Just shows its all about LTV at the moment. Not being rude to you OAOB but I know with your equity straight away that you should be able to mortgage without too much hassle despite the bankruptcy, yet Ive got clients who have never so much as made a late payment struggling to remortgage at 95%. Its utter madness!

herbiesjp

minimike2 wrote: »

but expect to be charged a fee of about 1%.

Not necessarily - not all brokers charge fees

As for the getting a mortgage of 50% or 40% LTV, that should be fine. The rates may not be the best, to reflect the adverse credit, but you should get a deal.

minimike2

I know I certainly wouldnt do it fee free having just come out of bankruptcy with the potential for the work envolved.

Granted some might not charge, and I only charge fees in about 25% of my cases, but this one I would have to

oneandonlyboy

Thanks for your feedback.I've looked at first National rates seem higher than i thought but because of my past it makes sense.

How long do you think it would take a broker to find a good mortgage ie time scale?

Do you think there is a better rate than 8.9% that first national are offering?

Many thanks once again

herbiesjp

Difficult to say without knowing your full circumstances - however prime rates keep going up, so it only follows that adverse credit deals will do the same.

You need to be quick though, as rates come and go an a daily basis, so if a broker tells you you need to apply very quickly, it is not the hard sell but reality in todays market I'm afraid

Conrad

Beacon are competetive in some instances - check em out