If you are looking for a bankruptcy mortgage after 2 years of being discharged, and have a 25% deposit then look no further.
Niche Advice is delighted to provide access to ‘exclusive’ funds from a building society for bankrupts who have only been discharged 2 years. This exceptionally priced bankruptcy mortgage product is in limited supply so do not delay otherwise it is likely to be fully subscribed.
Qualification criteria for the ‘Exclusive’ Bankruptcy Mortgage
- Houses in England and Wales only.
- No adverse credit or missed payments since the bankruptcy.
- No repossession(s).
- Standard income multiple: 3.5 times single or 3 times joint.
- Minimum deposit or equity 25%.
- Minimum of 6 months in current job if employed.
- Minimum of 2 year’s accounts if self employed.
- Well conducted current account for the last 6 months.
Example of current ‘Exclusive; Bankruptcy Mortgage After 2 Years
Based on a purchase price of £200,000 and a repayment mortgage of £150,000 over 25 years.
There is a money transfer fee of £25 and a mortgage discharge of £150 on full redemption. The main early repayment charges are 2% of the original loan repaid in the first 2 years.
The 75% ‘Exclusive’ Bankruptcy Mortgage rates are current as at 17 October 2013:
- 2 Year Discount
Initial pay rate 4.89% (APR 5.9)
Valuation Fee £194 / Arrangement fee £3,000
Currently at £867.30 per month for 2 years. After this period the mortgage will revert to the lender’s variable rate at the time. Based on today’s prices this would be £925.32 per month.
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To find our more on this and other Bankruptcy mortgages please complete our Contact Form to the right of this article.
Payam Azadi is a partner at Niche Advice Ltd who are Independent Financial and Mortgage Advisers in London.