how to get a mortgage after bankruptcy

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  • colmac71
    colmac71 Posts: 119 Forumite
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    Hi All
    Quick update
    I have a mortgage !!!! (subject to survey and employer reference and proof of deposit)
    I went BR in April 2008 / discharged 2009
    Cleaned up every one of my defaults (marked as satisfied etc)
    LONG LONG LONG process - but keep at it
    got 25% deposit together
    Mansfield Building Society have been great
    It went to the mortgage executive first - who said yes to proceed
    Spoke with mortgage advisor at Mansfield who was really helpful
    Submitted full app
    They checked through it first - initial underwriter - yes to proceed (£199 fee requested)
    Paid and then just got a phonecall this morning to say yes - subject to employer reference (been here 12 years) and proof of deposit
    They did question quite a few things on bank statements - if things on statement don't match up to credit file then they will ask
    My credit score is low - I have about 15 creditors who were part of my BR - so as I say took a long time to clear up - battles - big battles!
    Was worth it
    I also took some advice of Dave Ham - thank you! - if i ever need a mortgage broker in future I know exactly where to turn to

    There is hope - just be upfront and make sure you have the deposit and that your bank account adds up!

    I'll let you know how things progress - but its now going through to the survey stage!

    regards
  • droiderm
    droiderm Posts: 778 Forumite
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    Good news, really please for you.
    25% is big, I don't have much chance of that anytime soon :(

    What kind of things do they question on the bank statements? And in what way might they not match up on the credit file?
  • colmac71
    colmac71 Posts: 119 Forumite
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    25% is big but the apartment I'm buying is just under 70k
    In clearing up my credit files I did have an old Virgin/MBNA credit card that actually had a £2 credit on it - so when I closed the account they transferred it in to my account. The underwriter questioned that - and asked if that credit card was still open. They also questioned a couple of other payments - i.e I pay £40 in to another account every month - and I also have another regular payment - they were fine when I told them what it was for - but it's just to be warned.
  • droiderm
    droiderm Posts: 778 Forumite
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    Great thanks . My 6 years are up in Feb so hoping i can get away with less than 25 percent !
  • tigerfeet2006
    tigerfeet2006 Posts: 14,030 Forumite
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    Thanks for the update, that's brilliant news. Hope the rest goes smoothly.
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • fiveyearplan
    fiveyearplan Posts: 10,143 Forumite
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    Wonderful news colmac. I went BR in April 2008 also but am still battling a couple of creditors in the clean up! I already have a mortgage but will need to remortgage in 2016. Thanks for sharing.

    :j :j


  • colmac71
    colmac71 Posts: 119 Forumite
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    Hi All
    Just another quick update
    We moved in to our new apartment last Thursday
    Mansfield Building Society have been excellent
    I'm on a 2 year deal - variable 3.19%
    Best regards
    ColMac
  • Abbie1977
    Abbie1977 Posts: 11 Forumite
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    Lorax - fab post. I pray that I get a mortgage soon! I was only discharged on 29.11.12!! But I would really like a buy to let mortgage on a small small place and rent it out just to get myself back on the ladder again while my earnings increase!.............do you think that would be possible?

    I am also keen to hear who approved you in the end - a building society you said?

    Tinka 21 - I LOVE your little blue scary face at the bottom of your post! lol......it looks like I did on 29.11.11!!!! :)
  • GeorgeProsen
    GeorgeProsen Posts: 2 Newbie
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    Hi,

    I just wanted to share some positive news. I was declared BR in March 2008 and discharged 12 months later. I was certain I would never get a mortgage, or at least until the 6 years had passed. After reading this post, I had a renewed sense of hope and set about calling as many lenders as I could from the list The_Lorax kindly shared. I also set about cleaning up my credit file using the tips on this site and also those provided by Experian et al. It was hard work, and at times disheartening...

    ....But, last week, just in time for Christmas, I picked up the keys to my lovely new home.

    I secured a 2-year Fixed with 2.74% with a 75% LTV.

    If you put in the time, you'll find a lender that's right for you.

    Thank you to everyone on this forum, you gave me the positive attitude to make this happen for myself.

    G.
  • droiderm
    droiderm Posts: 778 Forumite
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    Hi George can you share which lender it was?
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