Hi all My wife and I have been discharged from Bankruptcy for 4 years now and recently tried for a mortgage with a Broker who specialises in mortgages with adverse credit.after explaining that we were both in regular employment had a 25% deposit had managed to achieve a credit score of 999 albeit with the negative factor of Bankruptcy the initial signs for a mortgage were promising.
However we were then asked how much our Bankruptcy was for (350 k) the lender said because the amount was so high we would need a 50% deposit. !!........ No chance !!!! My question is has anyone had any luck with obtaining a mortgage after Bankruptcy, is it the norm that such a large deposit is required due to the amount of the Bankruptcy ?.
Think my dream of owning my own home again has finally been shattered !!!!
You will need a decent deposit but you could consider Zebra Money or equityonline.co.uk who have both managed to sort mortgages for those post IVA.
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