Mortgage - What are my chances

[itsallyellow]

My 'short' story - I will be looking to apply for a mortgage in about 3-4 years with my partner. We both earn ,hopefully, by then around �42,000 altogether. The trouble is when I was between 18-21 i was a student and wass really sillly with money and got into a small amount of debt. Wanting a fresh start and speaking to my citezans advice bureau the quick option was bankruptcy so I took this. I was made insolvent and was released just over a tear later. Since I have kept a very clean credit record and will do having learned my lesson. What are my chances if any of obtaining a mortgage or should I leave it a little longer. Also how much could we expect to get with joint earnings of �42000 and a �10000 deposit? (sorry for typos and bad grammar, this has been rushed typed)

[spaced]

as far as I remember your deposit is 10% of the cost of the house/flat etc. So �10k would be deposit for a �100k place, in theory - this may have changed. Remember that you need to have money for solicitors also (around 3-4k) All banks and lenders work lending amounts diferently. some look at what you earn and some look at what you can afford. Keep a clean record, having credit cards or loans is actually not a bad thing in the eye of the lender, as long as you pay on time every time. This shows that you can afford and pay debts. This does not mean that you must go out and get �20k loan! Just make sure your overdraft is clear or minimal, CC's and loans paid on time. With regards to you bankruptcy, I am not too sure. In 4 yrs or so you would have proved to anyone that this is water under the bridge and will not affect your status in the future and that you are not a finanical liability to any lender. �42k income now would probably get you, and this is a guesstimate....�175k, maybe less maybe more. Again, this depends on the lender and how they work and what they look for and require. Just remember, NatWest are pants. IF (Intelligent Finance), Nationwide, Halifax are very good.

[Mrs_Pegasus]

Put your mind at rest and get your credit reports from both Experian and Equifax.

You dont say exactly how much time has passed.

Reports cost no more than �3.00 and can even be retrieved instantly on line although this is costlier. If you do it through the post, they must respond within 7 days and I have never known them not to.

[itsallyellow]

It was 2 years ago Pegasus. Thanks both