i declared myself bankrupt just under 4years ago. me and my partner want to buy a house together he already has a house.
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what are my chances of getting a morgage
tammie1
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
it will be difficult as some lenders wont consider a bankrupt at all - mainly because it demonstrates that you became overwhelmed with your commitments before and a mortgage lender wont want to assume that level of risk.
having said that, there will be some lenders that will consider you but will expect your recent credit management to have been impeccable and that you have a larger than normal deposit, at least 25%.
I would strongly suggest you find a local IFA, be prepared to pay a fee for the extra work involved, and ensure that you disclose your financial past so that you have a fighting chance of securing a realistic lender.
you might find that the first mortgage deal wont be a "top 10" offer but if its managed well, it should improve in the future.
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having said that, there will be some lenders that will consider you but will expect your recent credit management to have been impeccable and that you have a larger than normal deposit, at least 25%.
I would strongly suggest you find a local IFA, be prepared to pay a fee for the extra work involved, and ensure that you disclose your financial past so that you have a fighting chance of securing a realistic lender.
you might find that the first mortgage deal wont be a "top 10" offer but if its managed well, it should improve in the future.
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
I should have added that the reason for the bankruptcy will impact on some lenders, if they consider the reason to be frivolous. ie you racked up card debts and loans living beyond your means with new cars and foreign holidays with little care for the repayments, then you can expect most to decline.
if however it was caused by something less under your control, like a sequence of events that followed a personal loss or tragedy then lenders might be more sympathetic.
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if however it was caused by something less under your control, like a sequence of events that followed a personal loss or tragedy then lenders might be more sympathetic.