Post bankruptcy mortgage

[milly143]

Is it possible for someone who has now passed their bankruptcy to obtain a mortgage?

[Oneeyedvic]

Yes it is - though if the bankruptcy still shows on your credit history (usually 6 years after discharge), you will need a specialist lender. This mens that you will need a higher deposit and you will probably get charged a higher rate.

[milly143]

Thanks. I'm just enquring on my Dad's behlaf really. He was declared bankrupt in 2002 for a 3 year period so obviously that would still be on his credit history. I was considering getting a joint mortgage with him as our rented house is currently up for sale and I would really like to buy it although as i have a fairly poor credit rating and with his history, I'm not sure we would be able to get a large enough mortgage anyway.

[Tarka2006]

Hi,

Technically it is possible for a bankupt person to get a mortgage, however naturally other criteria applies.

It will be a non-confoming lender, and a higher rate than those you see in the press headlines.

You mention about buying it with your dad but wondering about the amount you would need - non conforming lenders are generally fairly strict on their income multiples - you would be best calling a broker that doesnt charge you for advice.

try www.lcplc.co.uk London and Country.

Good luck x