Im a discharged bankrupt since 2003 and now looking into getting a mortgage. How long do i have to wait to be considered by a highstreet lender with *sensible* intrest rates? I will be a first time buyer and went bankrupt due to long-term illness following university, if that makes any difference.
Thx in advance
Mark
The information will remain on your credit record for six years. All you can do is shop around. Remember the only criteria for lending are adequate security and ability/willingness to repay.
Regards from Peter Crosland
Well, my experience was different to the 6-year answer given, though I am sure the answer was techincally correct.
I went bankrupt 1996 hence discharged 1999. In 2002 I went to a high street bank to see if I could get a business/property loan. I informed the bank contact that I had been bankrupt, he said it all depended on what was on my credit record. I had not moved house so I thought it was hopeless. But there was no negative credit entry and the loan was duly approved, though he told me not to mention the bankruptcy on the application. Now in 2005 instead of coming out of the 6 years I am the owner of a good property and business.
Therefore I wonder if it is as cut and dried as that. Or was I just lucky?
In any case there has been a lot in the press recently about even high-street lenders reducing their credit requirements because the demand for mortgages has decreased. Hence my advice would be not to give up without trying, and good luck to you.
Zoe
I expect you are putting *a high street lender* in a different interest rate category from those that aren't *a high street lenders*, on the assumption that all those that aren't *high street* are therefore usurers. However, there are many non-high street lenders whose rates may be even less than those of high street. Consult a broker and I'm sure you'll be OK. It is not difficult for discharged bankrupts to find a mortgage.
Rob Graham
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