Mortgages available to discharged bankrupts / IVA

Because bankruptcy orders are registered with credit reference agencies for a period of six years, people who have been declared bankrupt often experience difficulty when trying to get a mortgage. Most high street lenders regard ex bankrupts as a higher risk when compared to other borrowers.

However there are a few high street lenders and some specialist lenders who recognise that a history of bankruptcy is not necessarily an indication of a borrower’s ability to pay their mortgage. There are now a reasonable range of products available to ex-bankrupts at reasonable rates. 

In order to apply for a mortgage you will need to be discharged as a bankrupt. Following a recent change in the law bankrupts can now become discharged and walk away from their debts after only one year instead of three. The change was introduced to help entrepreneurs and small businesses get back on their feet if they had failed.

Through this website you can be put in touch with an independent mortgage broker who has experience in helping discharged bankrupts. They have the expertise and the established relationship with suitable lenders and will know who is likely to provide you with finance. 

Some people have used an individual voluntary arrangement (IVA) as route out of debt. This is a formal agreement between debtors and creditors to repay debts over a set period, typically five years, through monthly payments. Again, people who have had an IVA will experience problems and an expert advisor can suggest what options are available to you.

Simply complete the enquiry form and get a FREE no obligation quote.