Getting a Mortgage after Bankruptcy
Getting our clients mortgage applications approved after bankruptcy is something our network of specialist brokers have been doing for years. We have brokers ready to help give you the time you deserve. Get the best chance of getting your mortgage application approved today.
Many mortgage lenders and brokers will reject a mortgage application straight away if there is any bad credit history, let alone a bankruptcy. At Get Me My Mortgage our brokers work with specialist lenders and a select few main stream lenders that are happy to consider adverse credit lending including discharge bankrupts which is great news for you! They have a vast knowledge in this specialist area and will ensure your mortgage application has the best chance of success.
Our panel of specialists brokers have years of experience helping our clients secure mortgages with the following
- Mortgage after bankruptcy discharge from 1+ year old
- Bankruptcy Discharge with a small deposit
- Bankruptcy discharge mortgage with a large deposit
- Bankruptcy discharge re-mortgages
- Second Charge or Secured Loan with a Bankruptcy discharge
If you fall into these categories, please fill out one of our enquiry forms today for fast and friendly expert advice from one of our bankruptcy specialist mortgage brokers.
How Long after Bankruptcy can I get a mortgage in the UK
Becoming bankrupt is usually a last resort and can occur for many reasons. It essentially wipes the slate clean so that you can rebuild your life and write off debt that you cannot pay back. Once your situation has stabilised, and you are back on your feet. It may be time to look at buying your home. Due to the terms of bankruptcy, you will not be able to apply for any credit including a mortgage until your bankruptcy has been discharged. Which is usually 12 months after being registered bankrupt. Depending on the lender, how long after bankruptcy you can apply for a mortgage differs. Some will consider applications straight after discharge, but this will require a high deposit level and meeting very strict criteria. The longer after discharge, the better deals you will be eligible for.
1-2 Years Discharged can expect a limit range of mortgages with a high deposit
4-5 Years Discharge with a good credit history since the bankruptcy. You can expect to get a better range of products on offer along with a smaller level of deposit requirements and more lenders willing to consider you.
Best advice for a mortgage approval after bankruptcy
- Make Sure Your Credit Reports Are Correct
There are three main credit reference agencies that lenders use to get information about your credit history. These are Experian, Equifax and Call Credit. It is vital that you ensure your data is correct. Sometimes creditors don’t update their records. This means that it might look to potential mortgage lenders like you still have outstanding debts. Or may have incurred these since being discharged which will negatively impact you and lead to lenders rejecting your application.
It is also important to ensure that you are registered on the electoral roll as this will help give your credit score a boost and look better to potential lenders.
- Check Your Eligibility with a Specialist
It is best to get a specialist mortgage advisor to guide you through the application process. Specialists deal with this type of work on a daily basis are best placed to find you a mortgage lender that is likely to accept your application. If you find that you are not eligible for a mortgage at present. It is vital that you work on improving your credit score. Leave applying a little longer, will give you more chance of getting an application approved.
What Mortgage Lenders accept discharged bankrupts?
As we work with specialist mortgage brokers, who work closely with lenders able to offer mortgages to discharge bankrupts we are best placed to check your eligibility and secure you a mortgage. After four years discharged, you may be eligible for some of our mainstream lenders who are more likely to offer better rates with lower initial fee’s. If your discharge is more recent, within one-three years, this is where our specialist lenders will come into play. Although they usually have a slightly higher APR and initial fee it is worth using these lenders to get you back on the property ladder and help you rebuild your credit further, we can then help you to re-mortgage once your credit history is improved to get you market leading rates for your circumstances. Each case is different, and we will need to discuss your specific details before we will be able to search our panel of lenders and let you know how many lenders you are likely to get accepted.
In conclusion, going bankrupt does not make it impossible for you to get a mortgage although it is a good idea to speak to a specialist broker who will be able to guide you on the best route depending on your circumstances. They will be able to ensure you do not apply and get declined which will negatively impact your recovering credit report. Get in touch today to discuss your situation with a specialist or fill in one of our enquiry forms.