A mortgage after bankruptcy

A discharged bankrupt mortgage is a designed to help people with very serious previous credit problems to regain their feet on the property ladder. Having been bankrupt the borrower will need to satisfy fairly stringent criteria, and will receive mortgage terms stacked in favour of the lender.

Discharged bankrupts are seen as too risky to lend to for many mortgage companies. Specialist lenders try to mitigate the risk they are taking lending to former bankrupts. Nowadays, a first time bankrupt can be discharged within a year so mortgage brokers have taken note of the business opportunity and have developed and evolved special bankrupt mortgages.

It can be a very complicated process applying for specialist mortgages, as criteria are very strict and sometimes confusting. If you find yourself in this situation it is probably advisable to seek help from a mortgage intermediary to broker the application to the right lender for you.

Getting help and advice

If you are in the position where your credit is getting in the way of what you want to do you are not alone. Thousands of people are in the sames boat as you. Below are three ways to get help and advice to find a solution to your bad credit history. In time you will look back and your bad credit will be history. All you need is good advice and positive action.