Mortgage after Bankruptcy

[vikivk]

Hi, I was just wondering if anyone knew the best time (well soonest too) when you can apply for a mortgage after you have been discharged from BR?? I was discharged 2 years ago and can hopefully have a nice deposit in another 2 years (with my partner who has bad credit). We have the chance to buy half of my mums house which would help her out a lot and means we finally get on the property ladder. I have never had a mortgage before so have never had mortgage arrears or had a property re-possessed. My partner and I are very excited about this as we would never be able to afford a property in our area. Does anyone know the best thing to do or who to go to?? As I said it will probably been in another 2 years or so (about 4 years after being discharged). I would be grateful for any help.

[MelanieGiles]

The longer you put the bankruptcy behind you the better, but in reality you can apply the day after your discharge, and the bankrutpcy entry drops off the credit referencing agencies six years after the date of your bankruptcy order.

[Dee]

Hi

I have a question about this - far in the future when I have gone through the bankrupcy and had my name removed from the register are you not asked if you have ever been bankrupt on future mortgage applications? If so and you have to admit that you have does that not affect the rate available to you?

Dee

[MelanieGiles]

Possibly Dee, but really unable to tell at the moment.

[vikivk]

We are trying to wait as long as poss because we would love to have a nice big deposit which will show the lender that we can save money and pay it off. The only rush is my mums job is a bit iffy and if she loses it she will have to sell her house which she doesn't want to do and I don't either.

[Andrew Graveson]

Hello Dee,

Every lender's mortgage application form is different. You would obviously want to answer any questions honestly. Different lenders will take different views on long-ended bankruptcies according to their underwriting policies at the time.