www.iva.co.uk

Hi,

Can anybody give me some advice? I am looking at bankruptcy as I cannot afford all the payments anymore. Does anybody know if I will be able to get a mortgage again? Do I have wait until the bankruptcy order is discharged or can I apply as soon as possible?

Thanks

Jo

Hi jodo

What has made you decide to opt for bankruptcy? Have you considered any alternatives? The reason I am asking is that you will find it very difficult to obtain a mortgage whilst you are bankrupt. Even though you will be discharged after 12 months, the OR might request further payments from you for another period (up to 3 years). Although you may be discharged, the BR remains on your credit file for 6 years.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

Hi
You should be able to get a mortgage when you are discharged but you will need a 15-20% deposit,use a broker and expect to pay a higher interest rate.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

You will be able to get a mortgage through a specialist broker who deals in the sub prime market.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

I think that with the who ha that's been going on in the sub prime mortgage world over the last few weeks it will become considerably more difficult (fewer lenders) and more expensive to get sub prime mortgages for the forseeable future.

Just an educated guess. May be Welsh Boy would have an informed opinion on that and how it might affect people in IVA's who still have to release equity.

From what I gather, Catallus, even more "prime" lenders are looking to enter into the "sub-prime" market. One of my existing IVA clients got a 95% LTV mortgage recently at 6.7% - not bad for someone with a poor credit rating!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

That's interesting.

I thought so too - and when I find out the name of the broker, you will be top of my e-mail distribution list!!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk