Mortgage for Ex Bankrupts who have been discharged for more then 3 years with very competitive rates and 15% deposit.
Mortgage for Ex Bankrupts who have been discharged for more than 3 years with very competitive rates and 15% deposit.
Payam AzadiTo be quiet honest I believe the majority of high street Mortgage Lenders treat discharged bankrupts unfairly when it comes to offering a Mortgage for Ex Bankrupts. The standard position is 6 years after the bankruptcy discharge period before a mortgage is open to you and some lenders, such as Santander, choose never to deal with discharged Bankrupts. In my view the whole point of a bankruptcy is to reset to zero and start again, although I do accept that the contents of some bankruptcies may represent greater warning signs than others to Mortgage Lenders, but this should be used as an excuse to simply processes and tarnish everyone with the same brush. Thankfully some of the Mortgage Lenders I use rise above the easy way out and take a more bespoke approach for Mortgage for Ex Bankrupts.
One thing to make sure is your credit file is reflects events. Ideally individual indiscretions within the bankruptcy should NOT feature but if they do then the settled date should match up with the bankruptcy date and may impact your credit score. Any subsequent issues will severely inhibit your mortgage chances.
I’m delighted to report that one main UK bank now allows intermediaries to introduce mortgages 3 years after discharge. This departure is welcomed as it means the rates for bankrupts are potentially far more competitive than the alternative Specialist Mortgage Lenders which we also have access to. You must not have had a repossession as part of the past bankruptcy and a clean credit profile after being discharged with a good income structure.
Don’t worry if you can’t meet this criteria we have a number of Mortgage Lenders that deal with Mortgage for Ex Bankrupts with different criteria including a lender that will accept application after only 12 months being discharged so it’s always worth giving us a call.
To find out more about Getting a Mortgage after Bankruptcy please click here
Example Product Rate and Fees – Bankruptcy Mortgage
[ezcol_1fifth]Initial Rate: 2.29%[/ezcol_1fifth] [ezcol_1fifth]Subsequent: 3.75%[/ezcol_1fifth] [ezcol_3fifth_end]The overall cost for comparison 3.60% APRC[/ezcol_3fifth_end]
The total amount you must pay back, including the amount borrowed is £387,223.55
Product Features: Past Bankrupts discharged after 3 years.
| Type and initial benefit period | Fixed for 2 years |
| Minimum deposit / equity: | 15% |
| Valuation fee | £300 |
| Booking fee | £0 |
| Lender arrangement | £999 |
| Telegraphic transfer / CHAPS fee | £35 |
| Legal fee | £175 |
| Early repayment charge | 2/1% of the amount repaid in the fixed period |
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Any property used as security, which may include your home. may be repossessed if you do not keep up repayments on your mortgage
Important Information
Residential and Buy to Let Mortgages
Rates current as at 27/02/17 . The overall cost for comparison is based on a purchase price of £300,000 over a 25 year term. The Right-to-Buy example is based on a discounted purchase price of £150,000. Repayment for Residential and Interest only for Buy-to-let (unless otherwise specified). Eligibilty will depend on your own personal circumstances.
KEY – ERC = Main early repayment charge.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
The information contained herein is based on research through the Trigold (IRESS UK) sourcing system. When first published to this site the data is normally 24 hours behind real time, and may or may not still be available.
A first charge over your property is required as security for the loan.
The formal mortgage offer of an advance will be subject to a valuation and other satisfactory references.
