Bankruptcy Mortgage | Mortgage After Bankruptcy

Bankruptcy occurs when someone owes more money than they can repay when the debts fall due in accordance with the Insolvency Act. Assets are then turned over to a trustee and used to pay off the outstanding debts where possible. Once someone is declared bankrupt a supervisor is appointed to receive their earnings. The bankrupt person is then allocated an allowance to live on.

After a period (usually three years) the bankrupt person is declared as discharged from the bankruptcy status, with the outstanding debts treated as being paid. However credit reference agencies will probably reference negatively a former bankrupt for fifteen years after they have been discharged.

People who have been declared bankrupt usually do so because bankruptcy frees them from overwhelming debts, giving them a fresh start (subject to some restrictions), and makes sure their assets are evenly distributed amongst the creditors. Anyone can be declared bankrupt, either voluntarily or involuntarily, including individual members of a partnership.

Whilst there are numerous downsides to bankruptcy, including losing control of your assets, it can provide a relative peace of mind and possible automatic discharge after three years.

First Choice Finance is a full service mortgage company that offers a wide variety of mortgage plans from several different lendors, some that may be able to help people who are bankrupt find a mortgage. As a licensed mortgage broker, we can shop several different companies to make sure we are getting you the best rates and services available for your circumstances.

With 30 years of experience, dealing with all aspects of financing, we have the knowledge and experience to get you from application to closing.

Our processor, and mortgage advisers has processed and closed many different types of mortgages in a number of different scenario`s, our experience and creativity is a major asset to our team, and we are available for any questions you may have.

We are a service oriented mortgage company, give us a try, we hope to be your mortgage adviser for years to come. Much of our business is based on a referrals only, so your complete satisfaction with your financing is critical to us.

What Is The Mortgage Process?

Can I Get A Mortgage If I Have Been Declared Bankrupt?

How long after bankruptcy until I get a mortgage?

What Is The Mortgage Process?

Can I Get A Mortgage If I Have Been Declared Bankrupt?

If you have been declared bankrupt, it can be very difficult arranging finance, but there are still some lenders who may consider a finance application.

How long after bankruptcy until I get a mortgage?

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.