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Mortgage after Bankruptcy

edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
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vic1505vic1505 Forumite
3 posts
edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
Hi I’m looking for a bit of advice i live in Scotland and my date of discharge from my bankruptcy was 4 years ago I’m now trying to get a mortgage and not sure where to start or what company would even touch me the property I’m looking at is around £85,000 I have a deposit of £60,000 I work full time for the NHS and have for years do you think I should just not bother even trying thanks for any help

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  • edited 18 July 2019 at 11:26AM
    D_M_ED_M_E Forumite
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    edited 18 July 2019 at 11:26AM
    With a deposit that large don't think you'll have much bother finding a mortgage.

    Find an independant broker and declare the bankruptcy and see what they can do for you.

    You never know until you try.

    EDIT: out of that you'll also have to find various fees, such as solicitors, moving, possibly broker fees, so allow £10k for everything and you should get a lot of change out of that.

    Yes, £10k is a bit high but you don't want to spend everything and leave yourself short - there's always an emergency waiting around the corner.
  • vic1505vic1505 Forumite
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    I’ve left myself with £20,000 with putting down £60,000
  • MovingForwardsMovingForwards Forumite
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    You might want to set your sights on a bigger property as you will get better rates if you take out a larger mortgage ie £75k.

    Happy home hunting!
  • ACGACG Forumite
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    £25,000 mortgage is probably the minimum possible. As suggested ironically you will have more lenders if you need a bigger mortgage but 4 years discharged at such a low LTV, there should be options - have you tried speaking to a broker?
    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.
  • vic1505vic1505 Forumite
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    No I haven’t spoken to anyone yet was just wondering if I was waisting my time or not
  • PotbellypigPotbellypig Forumite
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    With a deposit that big, you've got no worries.
  • mobilejomobilejo Forumite
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    This reply might be late for the OP, but will be helpful for others reading this in future - Nationwide & Skipton will consider borrowers 4 years or more post-discharge according to their lending criteria.

    They will refer when making the application, but it can be accepted providing their other criteria are met.
  • mwarbymwarby Forumite
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    I can confirm that Skipton are a good option, I used them via a broker last year, 5 years post IVA completion and 90% LTV. Nationwide weren't interested even with smaller loan at 75%
  • ACGACG Forumite
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    I think it is important to be careful with naming lenders.
    As you can see from the 2 replies above, fitting criteria and being accepted are very different.

    It all comes down to how everything appears on your credit report, who was involved, when it was and also the lenders appetite for that type of business at the time.

    Going bankrupt for 1 loan of £20,000 will look a million times better than 20 loans for £500 each. The devil is in the detail.
    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.
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