I was released from my BK 18 months ago. My girlfriend is wanting to start saving for a deposit for a mortgage and is aware of my past. How long will it be before my credit rating has been cleared so I can apply for a mortgage?
You can apply for a mortgage at any time but your BK debts will remain on your credit file for 6 years from your BK date. Mortgage companies normally ask whether you have previously been BK and you will have to say 'yes' to this so even when the debts fall off your credit file they will still know you have been declared BK.
As Geetingoutofdebt has said, you can apply for a mortgage at any time, BUT, you are likely to have some difficulty. Good advice there already.
I suggest that you make an appolitment with an IFA (Independent Financial Advisor) and tell him/her all of your history and take your partner and her history too. It is much more diffucult to obtain a mortgage even with a "solid" history. I have know discharged BRs get a mortgage before the 6 years, BUT at a premium.
There are "alternative" lenders, Kensington and others that will look at poor credit histories etc.
Have you got a deposit as yet? If not, I would say you have no chance at all at present.
BK 2 years ago, when can I apply for a mortgage
Posted - 28 August 2010 : 11:16:30
