Once you have been declared bankrupt, your choices when it comes to obtaining a mortgage are limited. Even if you have been discharged as a bankrupt, you are still likely to find it impossible to take out a mortgage with a traditional high street lender.
Fortunately there are an increasing number of specialist sub-prime mortgage lenders who are sympathetic to individuals previously bankrupt. Providing you have a reasonable deposit at your disposal, getting a mortgage should not be a problem.
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.
A specialist mortgage broker can put you in touch with lenders who firmly believe that your past financial problems shouldn’t be a barrier to getting a mortgage today.
