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T O P I C R E V I E W
vikivk
Posted - 05 July 2008 : 09:02:40 Hi all,
Just a quick question. My partner and I are thinking of buying our first home together in the next couple of years once we have a nice deposit saved up. I am wondering where is the best place to get a mortgage when you're a discharged bankrupt?? At this moment in time I have been discharged for just over 2 years. We're getting very excited at thought of owning our own place but I am worried that no one will end up lending me the money because of the credit crunch.
I'd be very grateful for any ideas/suggestions.
Viki
Things can only get better...
4 L A T E S T R E P L I E S (Newest First)
vikivk
Posted - 05 July 2008 : 17:56:47 My partner has been in debt and instead of the normal IVA or Bankruptcy way out he just run away which he regrets. That was nearly 6 years ago and is only getting chased from one company but he has just managed to open a proper Visa bank account with Barclays. They did say his credit score is low though but that's because he hasn't had a bank account for nearly 6 years until now. We are looking at buying in hopefully about 2 years time, hopefully before the house prices start increasing again. we have another 9 months on our flat lease then we are going to move in with my mum so we can save even more for about a year then we should be set with about a 20 grand deposit. We know we will be able to afford the repayments and we have both learn't from our past debt mistakes, we're just hoping we won't get all that way just to be turned down. Where would I find these sub prime lenders?? This all new to me.
Things can only get better...
Porcorosso
Posted - 05 July 2008 : 14:44:51 You might wish to wait even longer as house prices are set to continue to decline. Depending on where you live in the UK obviously. The North west is a good place to buy right now...
Not the best time to be self employed!
melanie_giles
Posted - 05 July 2008 : 11:41:11 If you have a chunky deposit and are prepared to pay high interest rates initially, then this is possible, but personally I would give it another year or so until the markets settle, but which time you could have saved up a larger deposit.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
Ian Richards
Posted - 05 July 2008 : 09:41:28 Hi Viki
Is your partner also an ex Bankrupt?
Mortgages are a bit difficult at the moment for anyone who has had debt problems within the last few years. Up until the Northern Rock problem ex Bankrupts wasn’t having too much of a problem getting new mortgages even if though they were sub prime. However now it’s a little different. I have just tried getting one for an ex client who has been discharged for 18 months but his partner has £55k of debt and is in a DMP. I used a couple of brokers but no lender would touch them. You can all but try but be aware that you are only going to get a sub prime lender and their rates are going to be a lot higher than normal high street lenders.
