I'm applying for mortgage but i've been bankrupt in the past, Will i still be able to?

Lily B Talus

2013-02-13 01:42:34 UTC

Your credit is good now, so this shouldn't be an issue.

?

2016-11-15 02:08:07 UTC

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RE :I'm applying for mortgage but i've been bankrupt in the past, Will i still be able to?

Do banks ask if you have been bankrupt in the past? I would expect them to ask "are you bankrupt now" but not about the past as that is the past. I have been bankrupt in the past but i've been discharged for a little over 8 years now.

Will being bankrupt in the past hurt my mortgage application? I'm applying in 2 weeks time, I 've checked my credit report and its excellent as i have never missed a payment, become default or been bankrupt in the past 8 years. I have a couple of creditcards and a loan which i took out on purpose to show i could pay back ontime (Which i have done) to raise my credit score, This obviously helped my score :)

I already have a 5% deposit ready (I'm with nationwide building society and i'll be using their save to buy mortgage so i only need a 5% deposit).

I always thought that i didn't need to admit to been bankrupt in the past if i was discharged over 6 years (UK) as it then gets wiped from your report, Is this true? Or not? I'm sure i read it online somewhere.. I know now that my solicitor does a bankruptcy search aswell as all the other stuff for the deeds and land etc so they could find it in the local paper history i guess.

I'm going to be gutted if the bank turns me down, ive worked so hard to get my score back up again over the past 8 years, for the chance it will be ruined with one little tick of a box on an application :(

Do i have to tell them?? I feel i do but i don't want to lol.

Follow 4 answers

CRE

2013-02-12 22:20:25 UTC

As long as it has been it just matters how good your credit is now. If you have good credit now you will be fine. Yes, they will ask you on a mortgage application if you have filed bankruptcy, but it may been within a certain time period. However, most guidelines for a mortgage are just that you have to be 2 years removed from a chapter 7 bankruptcy or 1 year in a chapter 13 bankruptcy with good payment history and permission from the bankruptcy trustee. In regards to your credit report a discharged chapter 7 bankruptcy will stay on your credit report for 10 years from the file date and a discharged chapter 13 bankruptcy is 7 years from the file date. Hope this helps!

Confused but not stupid

2013-02-12 21:26:30 UTC

Even if they do see it and your credit is excellent now you should not have any issues. The only issue I can see is the 5% down, they might want a little more like 10%.

Good Luck

?

2017-03-01 11:08:34 UTC

1

David14

2013-02-12 21:31:42 UTC

8 years? Relax.