Get Bankruptcy Mortgage Advice From Professionals
Getting the right bankruptcy mortgage advice is imperative in ensuring that you make the right decisions following bankruptcy.
Going through bankruptcy is a stressful time which is why it is always advisable to take professional advice if you are looking to take out a mortgage following bankruptcy. Below we offer some bankruptcy mortgage guidelines which you might find useful.
Bankruptcy Mortgage Advice
Bankruptcy – Every year many people in the UK go through bankruptcy proceedings, including individual members of a partnership. Bankruptcy is a way of dealing with debts which you are unable to pay. Bankruptcy proceedings are designed to be advantageous to you rather than a punishment. As such, they
- free you from overwhelming debts providing you with the opportunity to make a fresh start, subject to some restrictions
- ensure that all your assets are fairly distributed amongst your creditors
After going through a recent bankruptcy many people believe that getting a mortgage is impossible, however by taking onboard some sound bankruptcy mortgage advice, there are ways in which the effects of bankruptcy can be eased and made to be more manageable.
Bankruptcy Mortgage Advice – First Steps
One of the best initial ways of mitigating the negative effects of bankruptcy is to request a credit report from a credit reference agency. This should cost somewhere in the region of £2. The first thing to check is whether or not the bankruptcy is shown as discharged. If not you will need to contact the agency with a copy of the bankruptcy discharge. Also check that the details of the credit report are accurate and outline any special circumstances which may apply for your reasons for getting into debt in the first place.
Bankruptcy Mortgage Advice – Lender Advice
If you have recently had bankruptcy problems and are wanting to apply for a mortgage you would be well advised to check the following information with the lender:
- What is the lender’s policy with regards to bankruptcy?
- Will they provide you with a mortgage before the bankruptcy has disappeared from your records?
- Check the interest rates – if interest rates seem high then make sure that you shop around
Bankruptcy Mortgage Advice – The Right Time
Many people fear that getting a mortgage after recent bankruptcy is impossible. It is true that many mortgage lenders advise that you wait 2 years before you consider applying for a mortgage, however by listening to the right bankruptcy mortgage advice you may find that there are certain cases when you may be able to obtain a mortgage despite bankruptcy. There are a few things that you can do in order to improve your chances of getting a mortgage after bankruptcy and these include:
- Ensure that your credit history from the time of bankruptcy onwards looks good by making all payments on time
- Have a down payment or deposit available to use
- Routinely monitor your credit report and immediately report any misdemeanours to the credit agency
- Try to get a credit card as soon as possible and ensure that all payments are on time and that the balance is paid off every month
Trying to obtain a mortgage after bankruptcy may seem impossible but by seeking good bankruptcy mortgage advice you can ensure that your chances of getting a mortgage are drastically increased.
