Mortage for high salary, but ex bankrupt

lifesachallenge

Hi

Wondering if anyone can give some advice. Partner and I are looking for joint mortage.
It is my first buy. He had a mortage and paid it off 7/8 years ago ( he used to earn a lot) but then went bankrupt 4 years ago.
The bankruptcy was for tax and he did not default on mortage or have house repossesed.
We have rented for past 4 years and now should both have good credit ( checked with Experian and fine)

Would we be considered first time buyers as neither have owned house for past 5 years?
How much will bankruptcy affect?
Our earnings can easily allow us a £250k mortage, but we may struggle to find 10% deposit, how likely is it they will allow 5% if bankruptcy is considered?
I have looked at Alliance & Leicestr and Northern Rock as looking at offset - as we both earn commisions, so likely to be able to pay off larger sums in future.

Any advice would be really appreciated
Many thanks

HGLTsuperstar

lifesachallenge wrote:

Would we be considered first time buyers as neither have owned house for past 5 years? No, he's not

Our earnings can easily allow us a £250k mortage, but we may struggle to find 10% deposit, how likely is it they will allow 5% if bankruptcy is considered?

So can you afford a 95% mortgage or not? Not clear from your posting.
In general, you're in a better position 6 years after bankruptcy, so may be best to hang on and save deposit in meantime.

Andrew_T_2

As long as he has been discharged for over a year and your incomes are high enough this should be possible. Some high street lenders may consider you if discharged over three years, if not there are adverse lenders who would take the case.

lifesachallenge

HGLTsuperstar wrote:

lifesachallenge wrote:

Thank you AndrewT and HGLTSuperstar for your advice - I am now applying for specialist advice as Charcol etc will not even give quote.

HGLTsuperstar:
So can you afford a 95% mortgage or not? Not clear from your posting.

Yes we can afford £15k deposit

lifesachallenge

Andrew_T wrote:

As long as he has been discharged for over a year and your incomes are high enough this should be possible. Some high street lenders may consider you if discharged over three years, if not there are adverse lenders who would take the case.

Thanks AndrewT
He was only actually discharged last January after 3 years so not yet a year -although I do wonder if he should have been discharged earlier when the law changed - but that is another mindfield!