Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

User avatar
By sammie
#1163 im probably thinking too far ahead here, but here goes!( only been bankrupt since 13th aug!)
how long after you have been made bankrupt does it take for lenders to consider you for a mortgage? and how can we improve our chances??
ByDavidc
#1166
sammie wrote:im probably thinking too far ahead here, but here goes!( only been bankrupt since 13th aug!)
how long after you have been made bankrupt does it take for lenders to consider you for a mortgage? and how can we improve our chances??

There any to many sub prime lenders who will be happy to give you a morgage after you have been discharged. You just will not see them advertised on the high street. You simply have to shop around when the time comes for the best deals.
David
User avatar
By JaneClack
#1196 It can take quite a considerable time for normal High Street lenders to start lending to a discharged bankrupt again - remember the bankruptcy will be on your credit file for five yearsafter your bankruptcy ends. Exceptions to this are HP agreements and mortgages for which you would need to use a specialist IFA or broker - you will probably end up paying a couple ofpercent more though. Eventually it does come back though ...
By johnny 72
#1532 hi sammie.

about six months ago i contacted several mortgage providers including co op, alliance and leicester etc and asked them how they would treat discharged bankrupts applying for a mortgage. the general response from all was that after three years of being discharged, they would treat the applicant as any other, (one company stated 5 years). obviously they'll be aware of the past bankruptcy and they'll check on credit activity, but as long as the applicants credit rating since the discharge was ok they'll accept an application