getting a mortgage after been declared bankrupt?

[ivet83]

if you went bankrupt and after a year you want to get a mortgage would that affect it? what if you are a key worker and want shared ownership? anyway how hard do you think it is to get a mortgage after bankruptcy?

atm unless you had a low loan to value ratio (ie had some equity to put in, suspect unlikely if you are a recent bankrupt) I suspect they would be reluctant to take such a risk in current economic climate. Even if they were to take the risk the interest rate is likely to be high.

There are specailist companies who offer mortgages to ex-bankrupts, CCJs etc but as LIZS says they will want a hefty deposit and the interest rate will be really very high...and this is how the current mess with the financial markets started with huge loans to the "sub prime" market...

If you are in this position and are thinking of getting a mortgage please please go and find some independent impartial advice - not a bank or other lender but an independent financial adviser. And you really really need to look at the affordability.

Sorry, lecture over...

Sorry, but very, very unlikely that someone would give someone who has been declared bankrupt a mortgage at the moment. Key workers have access to some good shared ownership deals but still need to get mortgages to fund them and I think it is very unlikely that any commercial lender would consider it. There are specialist lenders but they charge a lot for the privilege and, really, that's the last thing a recent bankrupt needs. Tell whoever is in this position to spend the next few years consolidating their credit rating.

Keyworkers can also get some good subsidised rental properties - wouldn't they be better doing that and sitting tight for next few years rather than thinking about buying in current market?

If you went bankrupt you couldn't even get a contract mobile phone, let alone a mortgage. Sorry.

It would be difficult although not impossible, you would pay more obviously and would need a deposit. if you want to speak to someone about this my dp may be able to help as each circumstance is different he has an ad on mumsnet here