Getting a mortgage post bankruptcy

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Elmo10

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I really need advice on applying for a mortgage post bankruptcy. I was declared bankrupt on April 2015 . I was discharged from bankruptcy July 2016

(the bankruptcy came about due to buying a 1 bed property that after the crash was pretty much worthless. My circumstances changed drastically at that time (job in a location hours away/ having a child/becoming a single parent) and I was advised that I should file for bankruptcy which I did.

I am now in a situation where I have been renting a house for the past 3 years. I have a secure permanent job (which I did not have at the time of the bankruptcy) and a small amount of savings. If I could secure a mortgage from a bank I have a family member who will help me with the shortfall of what I can borrow + my savings and the price of a house.

I have been to two mortgage brokers. One was slightly more positive than the other about me getting a mortgage but neither had any experience in dealing with a post bankruptcy client. Feeling pretty hopeless at the moment as without a mortgage I have no hope of ever owning a house of my own again.

I was wondering if there are people out there who have been given mortgages post bankruptcy and what advice they would give?
 
Hi Elmo,

We went through a similar experience having been in and out bankruptcy. First thing I'd say is stay away from brokers, banks frown on applications from them.

Next thing we did is get a small credit union loan to start building out credit.

We then approached AIB, BOI and EBS as they were the banks we had no credit issues with pre-bankruptcy.

We were open and honest with our past with them and after over a year of varied applications we thankfully got a mortgage. Best thing to do is get the family member to provide you with the shortfall to a 20% deposit ahead of applying so the bank sees you as having a decent amount of savings.

Hope that helps....
Mike
 
Thanks so much for the advice Mike. Really appreciate you sharing your experience . It definitely gives me hope that some people out there are getting mortgages post bankruptcy. Really interested to hear that you approached the banks directly. I went to two brokers who both gave very different advice but one was saying to never approach a bank yourself. I just have to keep the head down and keep going. Many thanks again
 
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