Mortgage for Discharged Bankrupt?

Hi there,

It is possible to obtain a mortgage as a discharged bankrupt yes. You will need to consult a specialist mortgage consultant however. I know that a specialist consultant will answer questions about mortgage products on a section of the Myvesta advice forum. I will add the link below for you.

http://myvesta.org.uk/forum/viewforum.php?f=12&sid...

Hope this helps!

Mortgages For Discharged Bankrupts

Mortgage companies are pretty forgiving when it comes to lending money to someone who's filed bankruptcy. In fact, after bankruptcy, it's actually easier to get a mortgage on a new home than get approved for an unsecured credit card.

As long as your middle FICO credit score is 580 or above you will qualify for mortgage financing with no money down...just maybe not at the interest rate and terms you want. (This assumes you haven't had a foreclosure in the last 24 months and you have a good payment history since your discharge.)

To get better terms and a lower interest rate, you need a higher middle credit score. A middle score of 600 will give you a lower interest rate and better terms. (This assumes you haven't had a foreclosure in the last 12 months.) A middle score of 620 or above opens up even better options once you have two years after discharge.

See below website for much more information about recovering from bankruptcy.

Deposit is´nt a problem getting a mortgage is, i was in the same position and could´nt get a morgage even after being clear for 8 years, the first thing you need to do is re-build your credit rating again, this i did by taking out a store card and just buying something cheap each month like a shirt or tie then as soon as i got the statement paid it off in cash without fail, after 2 more years of this i was able to re-apply for a mortgage, and the deposit for the new home was 5% good luck

With 2 and a half years passed since your bankruptcy discharge, you are now eligible for FHA financing as long as you have reestablished good credit. That is the good news. The bad news is that unless you want to pay a preposterously high interest rate and deal with the possibility of pre-payment penalties and high closing costs, you will need to have approximately 3% of your sales price for a down payment and, unless you have a motivated seller who will agree to participate in a seller subsidized grant program, your closing costs.

I am certain there are lenders out there who will finance a 100% purchase for you but don't expect to get it for a reasonable price or on favorable terms.

You will be able to get a mortgage at 95% but it will be more expensive. 5% can be from Vendor or Builder on new build with some lenders. I arrange such and can refer you to an IFA if you prefer. NO upfront admin fees so you can have a free informal discussion if you wish.

its bad I'm afraid fella I'm 4 years down the line and the only credit I have is from a catalogue who gave it to me by mistake, (after I kicked up stink after the sent me an email, accepting me then changed their mind but i got them to honour the email.)

Have tried loans, mortgages, debt repair. I've lost count of the amount of times I've paid brokers an "admin" fee who have assured me they can get me loan but it all comes to nothing.

The sad thing is my partner and I are now on 80k between us (with hardly any outgoings) and nobody will touch us with a barge pole.

All down to banks etc giving a teenager £thousands to waste, If I knew then what I know now. I would never had done it. I would have tried harder to come to arrangements with creditors (I had a bad accident in my late teens and was unable to work for 7 months)

I can help, as I have a number of specialist lenders that will do up to 95% and some with a vendor's gifted deposit. Let me know if you'd like me to help and I'll do my best for you.

Apply online at www.surefirefinance.co.uk they can get back to you with an offer.

Contact me, I'll take a look and advise you for free.