Getting a mortgage after bankruptcy

People in the UK have be successful getting a mortgage post bankruptcy, the system is different over there and there is a lot more lenders. Building up your credit rating would be the 1st step, small credit union loans, credit card and clear it each month would be a start. Will be very interesting to see how it goes here.
 
Going forward said:
Hi all,

Does anyone know how long bankruptcy stays on your credit file for. (Not ICB report).

Have been told by ptsb that I will never get a mortgage through them having been a bankrupt.

Is this legal. Im just asking asking a question so please anyone don't shoot me down.

Thanks in advance.


Going forward
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New rules coming into force next year that a bank can only hold information on you for 6 years. But there are plenty of other banks out there...
 
I opened an account in our local credit union

I just brought my certificate of discharge and the account was opened in 5 mins
 
Where do you get a certificate of discharge? I don't think I have received anything like this. I will have to have a look through my files
 
Following discharge your debts are written off, which means you no longer have a liability to repay them and the lender can't chase you for repayments.
However the record stays on your credit report for five years from date of discharge. (That's the way its supposed to happen anyhow)
 
Is it just me or are PTSB the only bank refusing to correct an ICB report when pushed.
I'm more than 5 years post discharge and they are still reporting my account to the ICB as in arrears?
Its very frustrating, they are claiming that as the property is not sold they have the right to continue to report it. This makes no sense to me...
 
Post discharge from bankruptcy or the completion of full and final settlement towards a shortfall on the sale of a house? I've had it confirmed that all debts should be removed from an ICB report after 5 years, paid or unpaid.
 
I do not know how this is possible. I might have to look at some alternative credit union in my area or around by my college and see can I open an account there. I don't really know what else to do in this sense. The only problem is if I open account and apply for loan straightaway they may check the ICB and find me on there until 2021.
I am gobsmacked that you can open an account and then apply for a loan and get it even before opening the account and speaking with loan manager about your bankruptcy. I would feel you were in a financially better off position to me as you might have had a job which was good wage so you could show repayment capacity for the loan but even at that its a strange situation. I have a different circumstance, I work part time at weekend but don't really want to mention too much on this forum on that. I am trying to move from where I am living at the moment to a bigger place but am caught for the deposit and have no way of accessing credit until 2021 according to ICB.
I am hopeful I will get job after college in May but that will take time to save up. I am at a bit of a crossroads at the moment on this.
 
Anbhfuilcead said:
Post discharge from bankruptcy or the completion of full and final settlement towards a shortfall on the sale of a house? I've had it confirmed that all debts should be removed from an ICB report after 5 years, paid or unpaid.
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Hi Anbhfuilcead,
I believe you are correct, who confirmed this for you?

I can find material from the UK but I can't find anything in Ireland so far...
 
Hi folks,

Just to give an update on our situation. As per the thread back in October, KBC seemed to react accordingly to a complaint from the FSO. Eventually updating the status on that loan to withdrawn.

However my wife is now having a battle with PTSB through the FSO to get a loan updated to the correct status. Having been declared bankrupt in 2014, my debts are listed as being removed in 2019 (correctly) but her PTSB debt having declared on the date are sitting with a removal date of 2022. They refuse to play ball and are making excuses ranging from 'the official assignee delayed in transferring possession the property' to 'the property is not sold yet'. This despite the fact we know that the property is occupied.

We've found a favourable lender that is willing to consider a mortgage application from us having reviewed our situation but this could be one blocker too far for them.

Mikel
 
MikeL2007 said:
Eventually updating the status on that loan to withdrawn.
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@MikeL2007

At what date are banks meant to change your ICB etc. records to show mortgage loans as ‘withdrawn?’ After you’re declared bankrupt or after you exit bankruptcy?

And is that procedure a statutory obligation - or - just based on the whim of the particular bank you previously had a mortgage with??

Cheers!
 
This is a great post ,its great to see people talking about this issue. Im in the process of applying for a mortgage through a broker with my squeeky clean partner. Ive recently been discharged from bankruptcy and we're going to try find somone to lend to us if possible... my question is am i a 20% second time buyer house is gone back to bank or are we as a couple a 10% first time buyer .There seems to be a lot of gray area out there regarding each banks rules.
 
Very interesting post. I cant seem to even get a credit card from a bank latest attempt was june with ptsb.

Myself and my husband were declared in Nov 2014 discharged in July 2016. We too surrendered family home to the ISI and went renting.

Fortunately we got a loan from our cu for a car but we had a guarantor and told cu everything. This was august last year.

I want to know how to get the bank to stop reporting to the icb that we are with arrears with mortgage which isn't the case.

Thanks in advance for reading
 
If you give a reasonable timeframe dealing with them direct and they don't cooperate, then would be to legally compel them unfortunately. Could look for ombudsman also
 
Creditfail said:
Irish banks do not lend to anyone who has defaulted in the past their internal scoring system
appears to block any new applications for ever.
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Its not "for ever" - its for 5 years after the default, after which the record will be cleared.
Unless there is an error on the record, which does occur, and why you should always check your credit record.
Would presume that if it takes 6 years to discharge a bankruptcy, and there are no borrowings or new debts in the interim, the bankrupt would be like a new customer within 5 years of the last record being written off - so given that bankruptcy writes off debts, technically 6 years?
 
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