i am a 40 year old student with three children one recieves full mobility and care. my wife does not work as she is a full time carer for our son and the other two. I am due to start my last year at university and i know my loan will remain but how long after being made bankrupt will it be before i can think about buying a home instead of renting one.
The debts included in your BR will remain on your credit file for 6 years from the date you are declared BR. Getting a mortgage during this time won't be impossible but it will be difficult and mean a high deposit and high mortgage interest rate. Even after the debts have fallen off your credit file you will still be liable for a higher deposit and higher mortgage interest rate as all mortgage lenders ask whether you have even been BR in the mortgage application form.
It isn't impossible to get a mortgage after being BR but you should maybe consider other options if you are hoping to buy a house within the next couple of years.
If you tell us more about your debts, income, etc. then we may be able to provide an option other than BR, which would suit you better.
i am a 40 year old student with three children
Posted - 10 August 2010 : 18:14:58
