June 2016 – Discharged Bankruptcy Mortgage Lender update
|Bankruptcy Status||Max Lending|
|need to be discharged 12 months|
Satisfied 1 year
Satisfied 2 years
Satisfied 4 years
Ex Bankrupt Mortgage — sometimes referred to as a discharged bankruptcy mortgage – despite the credit crunch there are still mortgage lenders willing to lend an Ex Bankrupt a mortgage. Having discharged your bankruptcy you are now free to rebuild your credit rating with lenders.
Individuals who are currently bankrupt will not be able to obtain a mortgage by law. However if you’re a discharged bankrupt you are able to apply for a mortgage and some lenders may consider the case.
Experian says bankruptcy cleared after 5 years
I know some of the main credit agencies do state that the bankruptcy is wped off your credit file after 5 years or 6 years from its start. BUT the question most mortgage lenders ask about bankruptcy is not ‘when did it start ‘ but when was it discharged. ALL lenders will do a bankruptcy search as part of their due dilligence for lending – basically making sure the people they are about to send mortgage funds to are not current bankrupts, BUT that same search will also show if a previous bankruptcy occurred. Some High st lenders will not accept ex bankrupts even if the bankruptcy was discharged 15 year prior, rather than face excess costs and potentially losing a property at the last minute, get advice from a real mortgage broker that knows what they are doing.
ExBankrupt Loans also available – click here
If you are looking for an exbankrupt loan – then contact us , more details at the bottom of the page.
Individuals who are currently bankrupt will not be able to obtain a mortgage by law. However if you’re a discharged bankrupt you are able to apply for a mortgage but will inevitably experience problems being accepted by the majority of high street lenders as they will consider you an unacceptable risk.
Discharged bankruptcy mortgage help
As soon as you are discharged from bankruptcy you are free to apply for borrowing facilities again, including mortgages. The Enterprise Act which was introduced on 1 April 2004, reduced the discharge period from three years to 12 months. However the bankruptcy information remains on a credit file for six years from the date of the order and most high street lenders will continue to treat you as a bankrupt and will decline to offer any kind of finance.
Fortunately some specialist lenders recognise that a history of bankruptcy is not necessarily an indication of a borrower’s ability to repay their mortgage and there are a number of products available.
As a specialist broker we have expertise in helping discharged bankrupts secure mortgage finance.
You are free to apply for borrowing facilities such as a discharged bankruptcy mortgageas soon as you are discharged from bankruptcy. Unfortunately, most high street lenders may still view you as bankrupt, even if you have been discharged, but there might be some which will be prepared to look at your individual circumstances and provide you with a ex bankrupt mortgage or discharged bankrupt mortgage. The maximum LTV will be restricted to around 70%. If you are in an Ex Bankrupt, and providing it has been cleared at least 1 month there are lenders that may consider offering you an Ex Bankrupt mortgage. If you were discharged 1 year, 2 year or 3 years ago then the chances of getting a discharged bankruptcy mortgage gradually increase as the longer you have been rebuilding your credit history and credit profile.
As a discharged bankrupt you are probably going to find it pretty difficult to get a standard mortgage, therefore you will need to consider an ex bankrupt mortgage or discharged bankrupt mortgage. It is extremely unlikely that you will be able to arrange a mortgage just by walking into your local high street bank or building society.
So, if you are looking for an ex bankrupt mortgage or discharged bankrupt mortgage, and have only recently been discharged from bankruptcy, why not give one of our professionally qualified ex bankrupt mortgage or discharged bankrupt mortgage experts a phone call to see the options that may be open to you. Naturally, we will carefully assess your needs and requirements along with your aspirations, whilst taking into account your circumstances and come up with the most appropriate solution for you.
You’ll find our service to be professional yet friendly, and we believe in listening with a sympathetic and understanding ear. We’d be delighted to hear from you, and of course your call will be confidential and naturally without any obligation!
Ex bankrupt mortgages
If you want an ex bankrupt mortgage or discharged bankrupt mortgage, then please get in touch as they need careful handling to ensure they complete swiftly and successfully. Ideally we would also like a long term relationship helping you out of your Ex Bankruptcy credit rating and rebuilding your credit rating to get you back into mainstream mortgage lending as quickly as possible.
Getting a mortgage after bankruptcy will not be easy but this does not mean that it is completely impossible. Obtaining the mortgage after bankruptcy will depend on the other aspects taken into account during your mortgage application. Obtaining an ex bankrupt mortgage or discharged bankrupt mortgage after bankruptcy will heavily depend on your guaranteed income and the amount of money you have as a deposit. So your first steps will depend on your ability to provide both of these things.
We receive a lot of calls and emails from the public asking asking; “Can I get a mortgage after bankruptcy”
Please note that getting a mortgage after bankruptcy is not impossible it just will take time to find a lender who will lend to an ex bankrupt. The chances of actually qualifying for a mortgage after bankruptcy will depend on various conditions of the mortgage lenders such as:
- How long ago was the bankruptcy finalised.
- What deposit does the ex bankrupt have for the mortgage
- What does the ex bankrupts credit file look like on the mortgage application
- Obtaining a mortgage after bankruptcy will also depend on the state of the economy
Mortgage after / discharged Bankruptcy
We can help you present your case for the new Ex Bankrupt Mortgage
- Ex Bankrupt Mortgage — Interest Only
- ex bankrupt mortgage or discharged bankrupt mortgage
- Discharged Bankruptcy mortgage
- Ex Bankrupt Mortgages — get professional help
|If you have been declared bankrupt, the financial services industry will place a big black mark against your name which will stay on your credit file for six years to come. A bankruptcy can be a huge obstacle when trying to get a mortgage, because ex bankrupts are seen to be higher risk than other borrowers.The good news is there are lenders who recognise that a history of bankruptcy is not necessarily an indication of a borrower’s ability to pay their mortgage. Personal bankruptcy has increased in recent times and there isn’t such a stigma relating to bankruptcy these days. Up until the implementation of the Enterprise Act in April 2004, any person being declared bankrupt would have had to wait for around three years before their debt was discharged. Since the introduction of the Act, this time period has been reduced to just one year.In order to apply for a mortgage you will need to be a discharged bankrupt.|
Can I get a mortgage after Bankruptcy
ex bankrupt mortgage or discharged bankrupt mortgage – Immediately after discharge, or One year after discharge, you will need a minimum 50% deposit or equity. First time buyers are acceptable. Self employed are acceptable
We hope we’ve managed to shed some light on ex bankrupt mortgage or discharged bankrupt mortgages and what it means to be a discharged bankrupt together with the mortgage help available for those who have been discharged from their bankruptcy. Remember, there is a wealth of further mortgage and remortgage information throughout our site that we believe you will find useful, and we’re only ever a free phone call away, or a couple of mouse clicks!
Ex Bankrupt Mortgages
When debt becomes more than an individual can manage, bankruptcy is often the most viable option. Declaring bankruptcy releases you from your obligations with your creditors by surrendering to a third party that will oversee settlement. While bankruptcy can relieve you from current financial strains, it can also introduce new challenges in the process. For example, someone in the throes of a bankruptcy cannot qualify for a new mortgage loan. Even after the bankruptcy is discharged, it remains on your credit report for up to six years. During this time, it can be very difficult to qualify for financing of any kind, especially financing for a new home.
The good news is that there are options for people in this situation. Ex-bankrupt mortgages allow people to purchase homes and reestablish good credit, even while the negative credit is still present on the credit report. While it is true that ex-bankrupt mortgages may be more difficult to find and cost more than a traditional mortgage loan, there are options available in this area. Seek advice from a qualified mortgage advisor – affordablemortgages.co.uk has advisors available across the UK that can help you in this matter.
The first step in finding a lender for ex-bankrupt mortgages is to search for companies that specialize in these types of higher risk products. While you may not find as many options in this area, a company that deals specifically with higher risk will offer significant choices to help you get back on your feet. In fact, you should be able to find enough options to choose the rate and term that works the best for your individual needs.
Ex-bankrupt mortgages are only available to customers that have had their bankruptcy officially discharged. While traditional bankruptcies usually took three years to settle completely, new laws have made it possible to settle a bankruptcy in a single year. This means you can settle your financial difficulties much sooner and get back to the business of building a sound financial future for you and your family by reestablishing good credit. Many ex-bankrupt mortgages allow you to borrow up to 70% loan to value, making it a good choice for many homeowners who have held onto their home for some time.
To find ex-bankrupt mortgages, you have a couple of different options. First, you can shop at a variety lending institutions to find the best deal for your unique needs. Another option is to use a mortgage loan broker who will do the majority of the footwork for your, and help you find the right term and rate for you. There is no right or wrong answer here; it depends on how much time you want to invest in finding your mortgage product.
Bankruptcy is a financially devastating experience that stays with you for many years after the process is complete. Thanks to ex-bankrupt mortgages, you can once again enjoy the joys of home ownership without the worry that you will be turned down for yet another credit application. Check out options in ex-bankrupt mortgages yourself or talk to a broker specializing in these products. Healthy credit is on the way.
Loans for exBankrupts
We offer a number of loans for exbankrupts through our partnerships with specialist loan companies, providing you with the finance required once you have been discharged after bankruptcy, and enabling you to start afresh. We understand that it can be difficult to secure a loan once you have been discharged due to your credit rating being affected. So we provide exbankrupt loan plans, including loans for discharged bankrupts. We search from some of the UK’s top lenders who specialise in loans for ex-bankrupts. A bad credit rating is seen as a risk for lenders, you may have been refused a loan since being discharged. If you are looking for aloan for ex bankrupts then please complete our online application form for a fantastic secured or unsecured exbankrupt loan deal.