Discharged Bankrupt Mortgage – The Facts To Help You
Bankruptcy means financially you are frozen. You can’t get a loan, banks will not give you a penny and it seems like you are stuck. But then you get a bankruptcy discharge and you are free from your shackles. That’s the time to consider moving forward with a discharged bankrupt mortgage. Because you will need money fast – most lenders will still not lend to you and even if they do you will be severely limited thanks to your heavily tarnished credit score. But with a discharged bankrupt mortgage from a highly specialised lender you can get hold of cash and make sure your home is safe for the future.
But you will need to do some work before you have any hope of getting hold of a discharged bankrupt mortgage. The credit crunch has all but killed the heavy sub prime mortgage market in the UK. But there are still the odd lenders around who will take on a recently bankrupt borrower. But you need to minimise your risk in their eyes, so make sure all your other responsibilities are in order and get a credit check to make sure you know exactly what your situation is. Then go to a mortgage broker, because a mortgage broker can search the whole of the mortgage market to find just the right discharged bankrupt mortgage for you.
And it is vital you find a mortgage broker who has access to the whole of the market, because most discharged bankrupt mortgage deals will not be available to you without one. Many of the UK’s most specialised mortgages can only be sold by brokers – the lenders think they are too complicated and the borrowers too vulnerable to go it alone. And a discharged bankrupt mortgage is a highly specialised mortgage – a high rate that must be planned for and complicated clauses that must be explained.
But a discharged bankrupt mortgage will be worth the work. Being discharged from bankruptcy may feel great, but if you do not act right away you may begin to slip into debt just as easily as you did before. So see what you could get from a discharged bankrupt mortgage – equity, peace of mind and a secured future from which you can begin to rebuild your financial life, with lessons learned.