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Golf88
Starting Member
43 Posts |
 Posted - 03 July 2010 : 22:50:45
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I know it will be some time off as I have only been BR for 2 weeks! BUT - Is it possible I will ever be able to get a mortgage again. When I am throught this and my divorce is through, I am hoping to live a more stable life one day and would love to get my wee place in the country again for me and the dogs.... Is it a pipe dream or can it be done. I have no equity in this property and no arrears with the Abbey either. What are my chances? Obviously i know i will be a higher risk but it's a dream i'm holding on to............
Regards,
Golf88 |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 04 July 2010 : 09:19:10
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| You will be able to get a mortgage after being BR however you will need a higher deposit and will probably pay a higher interest rate than a non-BR person. You will probably also need to wait until your BR debts fall off your credit file in 6 years before being able to get a mortgage. |
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Paul 50
Starting Member
United Kingdom
28 Posts |
Posted - 04 July 2010 : 13:11:45
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Hold on to that dream Golf88 I too hope to obtain a mortgage again. I have done a little research on the net and there seem to be a few specialist lenders out there willing to lend to Discharged BR. The deposit is high though 30% in most cases,the intrest rate will also be higher than the High street lenders.
I dont think you neccessaraly have to wait 6 years but each year of discharge behind you will improve your chances. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 04 July 2010 : 15:39:50
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Hi
As has been said, there are lenders out there who will still do high risk lending. You will pay a high premium in all probability and are likely to have to pay a higher deposit, but yes, it could be out there for you.
Do a Google search on adverse lending.
Richard
"There are no problems - only solutions" |
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chewy22
Junior Member
United Kingdom
203 Posts |
Posted - 11 July 2010 : 16:39:28
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You say if I read your post correct that you have no equity and no arrears. That puts you in the 100% mortgage bracket. I know you are thinking far into the future but if we have a house price crash as expected soon then you will be in negative equity. It will be impossible to get a 100 % + mortgage and you will need to put up a large deposit for your new home.
Is your mortgage payment interest only IO or are you paying down any of the capital each month
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369
Junior Member
366 Posts |
Posted - 13 July 2010 : 11:48:41
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| Hello, just to add to this... i am currently living with my boyfriend, he has a mortgage, and I am wondering if they will let me onto the mortgage as well...I am paying half of it - but my name is just not on it. We are with Halifax - can it just be the case of adding me on or do they do a credit check and then see that I have been bankrupt (been discharged for nearly 2 years) and automatically say no, or will they just raise the interest? Thanks |
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Mortgage after BR?
