I haven't been here for a while but never forget how much I relied on the help and advice during my time.
I was finally discharged on the 12th October following my 12 months, what a relief and very happy to have my life back on track and under control.
I was hoping for a bit of advice. My partner and I are wanting to buy a house. We have good salaries and she has a reasonable deposit. I know there is probably little possibility and certainly not from high street lenders. I have heard stories that there maybe specialist lenders and wondered if anyone had any advice or experience with this? I need someone who will review our situation personally.
Your bankruptcy and debts are going to remain on your credit file for 5 full years until the 6th anniversary that they were recorded, therefore you will probably be unable to pass any credit check to enable to receive a mortgage offer. Any mortgage application will also ask the question 'Have you ever been made bankrupt' which again will have a negative effect on any potential mortgage offer.
Back three years ago prior to current ecconomic situation there were a number of providers to 'bad risk' customers ( which unfortunately what you would be classed with a bankruptcy recorded against you)Sadly there are not any operating to my knowledge at the moment.
In the current market it is difficult for people without a bankruptcy recorded aganist them to get a mortgage, so i fear you will not be succesful until the five years have passed.
Apologies if this was not the information you expected to hear, Melanie
Melanie Nicholas 29 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk telephone 01792 899996
Thanks for the usual prompt response. I guess its what I was expecting but still a bit of a blow. I am hoping the alternative will be to rent somewhere for a few years then see where we stand.
Mortgage advice after discharge
Posted - 05 November 2010 : 09:13:30
