Bankruptcy Mortgages

Bankruptcy Mortgages

 

Harmony FS could help you get a mortgage for your dream home even if: 

  • You have been bankrupt in the last 6 years
  • You have an IVA
  • You have a history of adverse credit

What we offer:

  • Personal, jargon-free advice that understands your situation
  • Access to the whole of the market to find you the right lender
  • Flexible contact and meeting times

Get in touch using the form or drop us a phone call on: 0115 896 9776.

 

Am I Able To Get a Mortgage After Bankruptcy? 

Declaring bankruptcy is an extremely emotional and difficult thing to go through. It can feel like you’ve lost everything, including the chance to have access to ‘normal’ credit and buy another home. 

The good news is that you can buy a home after being bankrupt, as many lenders will consider your application depending on how long its been since you were discharged from your bankruptcy. 

We have access to the whole of the market including specialist lenders who are willing to work with customers who have a history of bankruptcy or bad credit.

When it comes to bankruptcy lenders will look at a range of factors:

  • When you declared bankruptcy
  • The amount of money owed
  • Any other adverse credit in your history including CCJs
  • The amount of deposit you have

What is Bankruptcy?

Bankruptcy is one way to clear overwhelming debts, but it has serious and lasting consequences, so it’s something many people will do as a last resort. Whilst going bankrupt can help clear your debts, it will impact your credit rating for up to 6 years after, and beyond. 

You can choose to become bankrupt (which costs £680 to apply for) or your creditors can apply for you to become bankrupt, but only if your debt is more than £5000. When you become bankrupt you can’t do certain things for a year such as apply for credit more than £500 or make payments towards your debts from your income. 

Preparing for a Mortgage After Bankruptcy

Coming forward from bankruptcy is such no small feat, and your chances to make a fresh start shouldn’t be compromised. There are a number of actions you can take to help make your application the best it can be:

  • Improving your credit score carefully and tactfully
  • Be considerate of your budget for a home and the size of deposit you have
  • Working with a specialist mortgage advisor

We Don’t Worry About Your Past Bankruptcy – We Want to Help

We understand that going bankrupt is stressful and emotional. It’s difficult to talk about but we’re here to help you move forward by helping you find the best mortgage for your situation. 

Our approach involves getting to know your situation and our whole of market access means we can probably find you a willing lender.

Get in touch to see how we can help you get back on the property ladder after bankruptcy.