Mortgages after a bankruptcy (Discharged Bankrupts)?
Well, you have come to the right place for a solution.
Innocent bankrupts, could be defined as, 'those that might have stayed solvent with just a bit more backing from the bank', or 'just a few more sales' etc.
The discharge period for the first category has been reduced to 12 months (conditions apply), however information regarding the bankruptcy remains on your file for 6 years from the date of order.
Once you are a discharged bankrupt you become free to apply for borrowing.
Despite being discharged there are still many high street lenders who may still decline your application for a mortgage or other financial product. In our eyes, we understand that as time goes on your financial situation may have changed which is why we see no reason to stop you acquiring a new mortgage after becoming a discharged bankrupt.
With our access to the market we can help source you a mortgage product from forward thinking lenders that operate a policy that could provide you with that second chance.
As an Independent Mortgage Broker, specialising in the more demanding area of the Mortgage Market, we have access to the whole market including lenders that have a 'can do' approach to lending. We also understand the bankruptcy and insolvency proceedings including IVA and Fast Track Voluntary Arrangements (FTVA). We can advise with some knowledge on Discharged bankrupt mortgages or mortgages for discharged bankrupts.
Many of the high street lenders use computers that assess your application against statistical data- with no discretion. You either ' fit the box' or you don't! The discharged bankrupt, does not fit a box, and the application would normally fail at the first hurdle.
Specialist lenders have a very different approach. They employ real people to assess an application for lending, real people who look for reasons to lend, rather than reasons not to lend, real people with discretion to consider each application of individual basis.
The lenders we use would also understand that sometimes financial hardship, a slow down of business movement or other circumstances could have affected your business, and without the additional funding, you had declared bankruptcy whereas small additional funding could have stopped you resorting to bankruptcy.
You should always seek the advice of an IFA with access to the whole of the market who will source the most competitive plan to suit your personal needs and demands.
