how to get a mortgage after bankruptcy

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  • subman
    subman Posts: 1 Newbie
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    Colmac and George.... the interest rates that you were offered look very competitive.

    Were those rates the best rates offered by those BS at the time, or were there some lower rates/terms that they wouldn't offer your because of credit history?
  • GeorgeProsen
    GeorgeProsen Posts: 2 Newbie
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    It was their best rate. I had been offered a much higher rate by Halifax because of my status. Theirs was around 4.9%. But I went with the YBS who gave me their advertised rate.
    subman wrote: »
    Colmac and George.... the interest rates that you were offered look very competitive.

    Were those rates the best rates offered by those BS at the time, or were there some lower rates/terms that they wouldn't offer your because of credit history?
  • kalk
    kalk Posts: 4 Newbie
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    Thanks for this Lorax. Very encouraging.

    Jan 13 see's me pay my final instalment of IVA (whoopee). The IVA isn't exactly BR but it is has still been challenge to manage.

    I've had an on going PPI argument which you kind of touch on in your thread. I thought you, or anyone else, may be able to give me some advise?

    My IVA was based on all unsecured borrowings, I do have a secured loan which was not considered as part of the IVA. The IVA company have been persuing all creditors for mis-sold PPI (I have a little bit back here and there) including the secured loan company.

    I think it is very bad form for the IVA company to pursue the secured loan company for a couple of reasons; mainly because it wasn't considered as part of the original IVA. This is going to be a big payout if / when it is finalised. The IVA company see this as a 'windfall'. I bloody well don't. I want to offset this 'windfall' against the secured loan [since it was that which got me into all of the trouble in the first place]

    As I said above, I pay the last IVA instalment this month. I have been advised that it will take 4 to 12 weeks to be discharged from the IVA. I very much doubt that the PPI will be settled within this timescale.

    Am I right in thinking that if I have been discharged, the PPI will come to me and not the IVA company??

    Thanks
  • droiderm
    droiderm Posts: 778 Forumite
    First Post First Anniversary Combo Breaker
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    Following on from Lorax's brilliant post. I have been researching the lenders myself. Things have changed since Lorax's first post (some lenders have been swallowed by other lenders for example) and the criteria of lenders do change. The Halifax being one example who would lend to ex BR at some point last year, but don't anymore.

    I haven't fully completed my research, but maybe the following will help. There maybe errors, and some lenders may only lend in certain postcodes. Hope it's of use to someone.

    Coventry bs - discharged 6 years (excluding ftb)
    Dudley bs - discharged 6 years
    Ing direct - 6 years ?
    Hanley Econonmic - discharged 6 years repo not accetpable
    Leeds BS discharged 6 years no repo 6 years
    Market Harborough BS discharged for 6 years
    National Counties BS 3 years
    Newbury BS clean credit history 2 years - limited area
    Platform - 4 years non confirming product
    Skipton BS - normal decline
    Teachers BS - more than 5 years

    cumberland - 3 years
    ipswich - no adverse on 90%+ but bankruptcies discharged 3 years ago
    nationwide - yes, normally no for reposession
    Mansfield - 3 years?
    the melton - 3 years ok , but no defaults
    Nottingham BS- bank discharged 4 years
  • Bazza31
    Bazza31 Posts: 1 Newbie
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    I declared bankrupt on 5/10/2007, I've had many many false hopes re getting a mortgage. Some lenders advertise they will loan after 3 years discharge, however, I always declare my bankrupty on applications but they decline because there are still defaults on my report pre bankruptcy, and were part if it, therefore I'm going around in circles. I have written to the creditors twice to remove the defaults but they refuse, they will drop off automatically on 5/10 this year. I have written and downloaded reports from Experian, Call Credit and Equifax and forwarded to brokers and lenders.
    My credit has been squeaky clean since BR, I earn 55k per year, have no debts, and have recently been accepted for a credit card.

    Any pointers or advise is greatly appreciated

    Barry
  • foolishboy
    foolishboy Posts: 321 Forumite
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    Bazza31 wrote: »
    I declared bankrupt on 5/10/2007, I've had many many false hopes re getting a mortgage. Some lenders advertise they will loan after 3 years discharge, however, I always declare my bankrupty on applications but they decline because there are still defaults on my report pre bankruptcy, and were part if it, therefore I'm going around in circles. I have written to the creditors twice to remove the defaults but they refuse, they will drop off automatically on 5/10 this year. I have written and downloaded reports from Experian, Call Credit and Equifax and forwarded to brokers and lenders.
    My credit has been squeaky clean since BR, I earn 55k per year, have no debts, and have recently been accepted for a credit card.

    Any pointers or advise is greatly appreciated

    Barry

    Complain to the ICO about them not updating your files correctly, they have to.

    What deposit do you have? This is just as important as what shows on your file.

    FB
  • smoty
    smoty Posts: 16 Forumite
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    Alan_M wrote: »
    The technical term you are looking for is "asset after the event".

    There is a 36 month period post BR (not discharge) in which the OR can investigate any assets which you have aquired. It is up to you to prove that none of these assets existed pre BR.

    Once beyond that 36 month period you're free and clear.

    If the OP was was BR in 2005 then anything beyond 2008 is free and clear.

    If the OP claimed back the PPi after this three year period, it doesn't fall into the category of assets after the event.


    Hi does anyone know if this is correct? i've read on here that any PPI claim from loans included in BR are for the OR to deal with and claim as an asset. However this post suggests that after 3 years we would be free to claim it. Hadn't considered claiming before as assumed any monies would go to creditors and probably rightly so! but received a letter from First Plus PPI tracing team today asking for us to confirm our details. BR was Nov 2009 have been discharged since April 2010 and finished payments to OR Dec 2012. Any advice welcome - thank you :)
    Sort Myself Out This Year (hopefully):o
  • angel1987
    angel1987 Posts: 41 Forumite
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    hi we are considerting buying a house as parents have agreed to help with deposit, my partner was declared bankrupt in march 2011, and discharged march 2012. could we go for a new buy scheme? or would it be hard to get mortgage on that? what sort of % deposit would we need?

    please help
    thanks
  • droiderm
    droiderm Posts: 778 Forumite
    First Post First Anniversary Combo Breaker
    edited 4 April 2013 at 4:54PM
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    Been discharged just over 5 years now.
    I also had a reposession as part of my BR.

    Way beyond my expectations I have now a DIP for a 95% NewBuy mortgage !! Long way to go yet, but didn't expect it to get this far. It did take them over 3 weeks to say yes though.
  • Ox1987
    Ox1987 Posts: 333 Forumite
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    So is it possible not only to get a mortgage after BR but also what about after a repossession as well.
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