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grantspants
Junior Member
United Kingdom
297 Posts |
 Posted - 24 August 2008 : 17:43:34
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My ex-sister-in-law went BR 5 years ago now but she managed to get a mortgage 3 years after BR, so her credit rating must have still been bad at that time. Her husband also went BR at the same time and they still got a mortgage. Obviously this can be done, although obviously through a specialist lender with probably a higher interest rate.
Does anyone know of any companies that do this? Or does anyone have any experience or knowledge of mortgages after BR?
Cheers in advance folks  |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 24 August 2008 : 17:52:51
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Hi Grantspants,
No I dont but I know that the rate would be much higher but not impossible to get on the ladder again.
Maybe John or Julian may have more knowledge of the lenders etc that can help you with that.
At this current time for anyone with or without a good credit file it is exceptionally hard to get a mortgage as lenders are upping there lending criteria and are being I think a bit more carefull.
It may also be a case of having a larger deposit to provide to the mortgage company when applying but im not 100% sure.
I dont know if I have helped at all.
Good luck
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
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grantspants
Junior Member
United Kingdom
297 Posts |
Posted - 24 August 2008 : 18:06:17
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Thanks JO,
I'm not sure how it works but my lovely wife and myself have found two houses we like to rent and it's a possiblity they would sell either house to us in a few years. We are wondering what the possiblity of getting a mortgage jointly between us at that time would be. The first big hurdle is managing to get the rented house we want, because I now have 2 defaults on my credit file and not sure if we'll pass the checks. Then of course they might see my name in the paper when I do go BR and may throw us out on the streets. The rented property we like is quite expensive but still £192 cheaper than my current mortgage payment. What do you think Jo/John/Anyone?  |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 24 August 2008 : 18:44:07
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Hi Grantspants,
Have you gone BR yet?
I would find that place and work round it. As long as you pay the rent and dont default then that will be the first hurdle.
Are you able to comfortably afford to pay the new rent, as in its not going to be a burden when working out your I&E the last thing you want to do is yes find slightly cheaper only then a few months down the line wish you had not and start to struggle.
I would say that in a few years whilst it may be obviously slighter harder to get that mortgage it wont be impossible, and with a bit of searching around then I personally cant see why you cant go jointly together and buy a new home.
As you said there are specialists and there is always someone willing to help you.
Hope that helped a bit.
Jo
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
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grantspants
Junior Member
United Kingdom
297 Posts |
Posted - 24 August 2008 : 18:51:37
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Not gone BR yet Jo no, considering doing it late September after we have got sorted with a rented place. Although we'll have to miss a mortgage payment to do it and i'm concerned about my credit rating for renting but i have no choice now. We should be ok with the rent as I don't have much DI now so slightly less rent should help but I am expecting an IPO. Just hope that like I said, if the landlord finds out after, but nothing we can do about it until it actually happens. In the meantime, I'm getting more threatening letters from C.C companies just hoping to hold them off until then.
thanks again |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 24 August 2008 : 18:57:54
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Hey you will be ok, I had the calls and letters for about 3 months before the date of the hearing and then really that was that.
Dont worry about the landlord just yet, cross that bridge when you come to it.
If asked be honest with the lettings place you have nothing to hide.
Good luck with the house hunting and keep us informed.
Jo
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 24 August 2008 : 20:18:41
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Hi
in the last 12 months a huge percentage of mortgage products previously available have been removed from the market.
What was fortunate for your ex sil at the time may not apply now.
Similarly, if you're going BR now who knows what the lending criteria may be 3 years on.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Mortgage after bankruptcy
