If you have previously been declared bankrupt you are likely to find it difficult to obtain a mortgage with a high street lender.
Regardless of your current financial situation, it's unlikely a high street lender will be willing to offer you a home loan as they perceive the risk as being too great.
Debts can mount after a divorce, business failure, redundancy or illness which forces many people into bankruptcy. Fortunately, there are some specialist lenders who are prepared to offer mortgages and remortgages to people who have previously been declared bankrupt. Providing you can put down a reasonable deposit and your finances are now in order, being a discharged bankrupt needn't prevent you from securing a mortgage.
Contact us for free initial no obligation advice, we'll let you know whether we'll be able to help you get a mortgage and what your options are.
Below is an example of the type of person who could benefit from using our services. The example does not reflect an actual customer but is intended to demonstrate the profile of the types of individual we can assist.
Steve from Portsmouth lost everything when he went bankrupt in 2014. He was in a well paid full time job until being made redundant in 2013. At the time he lost his job he had run up over £9,000 in credit card debt and had an £8,000 personal loan which he had taken out to cover the purchase of a new car.
Steve had constantly been in employment since he left college and never thought he would be unable to pay his debts, but things caught up with him when he was made redundant. At the time he struggled to find another job and the debts mounted. He took advice and it was suggested he went down the bankruptcy route.
Steve has spent the past few years painstakingly rebuilding his life and creating a succesful business. He started trading in 2015, and a few years on, the business is going from strength to strength.
Steve took out a credit card in 2016 with a specialist card provider with the intention of using it responsibly in order to start the process of rebuilding his credit rating. Each month he has cleared the balance via a direct debit payment, ensuring he never missed a repayment. This prudent course of action has enabled him to show he can use a credit facility sensibly.
In early 2018 Steve and his wife decided they wanted to own their own home. With a collective income of £65,000 and a £45,000 deposit to put down, they felt they could comfortably afford a mortgage. Steve's wife Laura, who he married in 2017, was in a full time job and Steve's business was doing well with 2 years' accounts showing good profit levels.
Steve was aware his previous bankruptcy would hinder them getting a mortgage through a mainstream lender as a bankruptcy order remains on an individual's credit file for 6 years. Most high street lenders would not be willing to entertain the prospect of offering them a mortgage. Steve and his wife approached us and we were able to secure a mortgage with a specialist lender. Steve and Laura now live in their two bedroom town house which cost them £260,000.
Simply complete our no obligation enquiry form to see whether we can help you. You'll get free initial advice from a broker who has access to the whole of the market in the UK.
You'll receive advice on the most suitable deals for you. Quotations are FREE, so it costs you nothing to see what your options are.