I was hoping from some advice from those on the forum in the know. My mum wants to give us a deposit so that we can buy a house, and of course this will involve us having to try and get a mortgage with my bad credit history. BR in Oct 2008 and discharged in Jul 2009
Here in Wales they have just started the help to buy scheme on new builds where you put down 5% deposit and the government loan 20% to you interest free for 5 years so you need initially only a 75% deposit.
So I need some sound advise on whether it will be possible to secure a mortgage? And whether I would be eligible to apply for the help to buy scheme with my credit history? Realistically that's our best hope of buying our own home.
With secured lending these days as it is, I think that you will have huge difficulties finding a mortgage. However there is nothing to stop you applying. Just remember that each time you apply and a credit check is undertaken, an entry will appear on your credit report. I would suggest that you wait for another 18 months until the bankruptcy has been deleted from your credit report when you stand a better chance of being approved. If your kind mother is prepared to give you some money now for a deposit, I would put it away into a high interest bearing account or other investment where you can get a high return until July 2015.
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I've just posted a link to a forum expert who has helped several people get a mortgage after IVA or BR.
He can advise for free.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant