Success! I got a mortgage 4 1/2 years after being declared bankrupt

Discussion in 'Personal Insolvency, bankruptcy, etc' started by MikeL2007, Sep 27, 2018.

  1. MikeL2007

    MikeL2007 Registered User

    Posts:
    37
    So folks after over 2 years of applying, we got mortgage approval back in July and we'll finally be getting the keys to our new home next week.

    For the doubters out there (@Brendan Burgess being one - couldn't find the quote where we hadn't a hope of getting credit)........I'll be raising a glass in your honour.
     
    Stuboy and Dauhee like this.
  2. Jane09

    Jane09 New Member

    Posts:
    4
    Hi mikel2007
    Congrats on getting the mortgage and buying your house. You must be thrilled that gives us all hope :) can you tell us what bank you got it off and if you needed 20% deposit ?
    Thank you
     
  3. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,783
    Well done Mike. It's not often people have a drink in my honour, so do enjoy it.

    Interested in hearing the details Jane asked for as it will help others.

    And what date were you declared bankrupt?

    Brendan
     
  4. MikeL2007

    MikeL2007 Registered User

    Posts:
    37
    Thanks folks. It's been a long road - to give a brief summary on our situation:

    Self adjudicated bankrupt in Feb 2014
    Discharged in late July 2016

    Bank is BOI and they did insist on the 20% deposit alright. We do get 2% back in cash back though within 45 days of draw-down.

    Most important piece of advice I have is never give up and most important of all, ensure your credit report with the ICB is correct!
     
  5. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,783
    Hi Mike

    That is much earlier than I would have expected. Only 4 1/2 years after being declared bankrupt. It's great to see Bank of Ireland having such an open mind.

    Did you take the mortgage out on your own or were you a joint borrower? If so, was your fellow borrower a discharged bankrupt as well?

    Brendan
     
  6. MikeL2007

    MikeL2007 Registered User

    Posts:
    37
    It was a joint mortgage application but the joint applicant was my wife who was also declared bankrupt on the same date.
     
  7. AH2017

    AH2017 Registered User

    Posts:
    5
    Well done Mike it gives hope. I am in the middle of attempting to get my icb report corrected. Any tips would be well recieved
     
  8. glic83

    glic83 Frequent Poster

    Posts:
    117
    Congratulations Mike, best of luck with the new home
     
  9. Stuboy

    Stuboy Frequent Poster

    Posts:
    131
    Hi Mike, great news. I'm also with BOI since bankruptcy, we've found them great to deal with. Myself and wife went bankrupt in January 2015 and exited in July 2016. We were recently given credit (card and car loan) this year. A credit card application was declined by them last year, so they obviously have a system in place internally regarding credit to bankrupts. The next step will be mortgage planning, probably a few years away due to deposit, but great to hear you got one.