Being a Mortgage Brokers thant specialises in those with bad credit, it is not surprising that we receive a lot of enquiries from those who have previously been bankrupt.
In general the questions are:
Can we even get a Mortgage
How much will it cost
How much deposit will I need
There is no hard and fast rules as such as a lot of the time it comes down to the individual. Obviously the more recent the bankruptcy, the more likely your credit report is to not look too great and in turn your credit score is unlikely to be too high. That being said there are a couple of guides I tend to give people….
3 years discharged, there are 2 high street lenders who will consider it up to 90% LTV. Although the bigger the deposit, the more likely you are to be accepted.
4 years discharged, there is an additional high street lender who will consider.
5 years discharged (assuming 6 years registered), there is one more option.
6 years discharged, the rest of the market kicks in.
Anything less than 3 years and there could still be options, but you would usually need around a 30% deposit and the rates would be around 6-9%.
If you would like to discuss your circumstances in more detail, please do give us a call or drop us an email. We would be happy to chat and see what we can do.
It would be ideal for you to obtain at least one credit report from Equifax, Experian or Noddle.
You will also likely need a copy of your bankrupcty discharge certificate or letter. These can be obtained from the court should you not have a copy.
Important notes: It is important to note that the information above is to be used as a general guide only and is based on information as at the 29/05/2017 and is subject to change.