Getting a competitive mortgage 7yrs after bankruptcy dischargegreenspun.com : LUSENET : Repossession : One Thread
Can anyone advise me Does anyone know of any lenders who may be willing to offer a competitive mortgage to someone in my position (and there must be many thousands of us). 7 years ago I was discharged from a straightforward business bankruptcy, which i initiated 10 years ago. Since then i have had an impeccable credit record (Credit cards, loans etc) and have held a bank account for the same period also with no problems whatsoever. My personal view is that i longer represent a greater risk to a lender. I can get a mortgage, but at an additional rate above variable (no fixed or discounts available) and only with horrendous tie-ins which no-one would normally consider. Clearly i will be put at greater risk if interest rates rise etc. whereas i wish to reduce my risk based on past experiences. Thanks in anticipation for any guidance.
-- Richard Sheard (firstname.lastname@example.org), May 12, 2000
You stand the best chance of getting a mortgage either from your own Bank who know you, and have your good history to see, or viaa mortgage specialist like John Charcol, who search the market and locate the best deal for you.
The larger the deposit you are putting down the better as the lenders are less concerned about loaning money on propoerty where even if the market dropped 25% the property would still be worth more than the mortgage on it.
-- James Simons (email@example.com), January 14, 2001.