Finding a mortgage with a poor credit history is difficult and has to be approached very carefully because of the shortage of lenders available in this market. Having the advice of a qualified Poor Credit Mortgage Broker will greatly enhance your chances. With only a few sub prime lenders to choose from, getting it right first time is very important.
Steven Neale – Specialist Bad Credit Mortgage Broker
Steve and Sue made the whole process very easy and calming. The advice given set me at ease as I thought I wouldn’t be able to get a mortgage due to credit issues of the past. Highly recommend!
11th Mar 2020
Thanks both for all your help!
14 Feb 2020
Excellent service, always informed me of any information required in a timely manor.
13 Feb 2020
Steven and Sue were extremely helpful and knowledgeable and their calming influences made us feel at ease throughout the whole process.
03 Feb 2020
Very obliging, helpful and provided all the guidance we could have expected.
23 Jan 2020
Steve provided an excellent service to us and ensured we had the necessary documentation in readiness for our mortgage application. He was very patient in dealing with all our enquiries looking through several scenarios to suit our situation. The process was seamless and very satisfactory.
13 Jan 2020
SN Mortgages understood our position extremely well, even when there was an unexpected potential move rather than the remortgage.
28 Nov 2019
Thank you – yet again! We have organised a variety of mortgages over the years with SN Mortgages. The mortgage process is always complex by nature, but Steve and Sue always make the ‘journey’ as seamless as possible. Calm, friendly, helpful.
28 Nov 2019
S N Mortgages have provided an excellent service. They have been very accommodating to my personal requirements and provided a timely, yet thorough service. They provided multiple product options and talked me through the benefits in each case. Thank you both for your support and patience.
Mr & Mrs Tarring
14 Nov 2019
Thank you Steve & Sue for all your hard work in in securing a mortgage for us to purchase our first home. No query or question was too much trouble, thanks again.
Mr Hockley & Miss Lee
07 Nov 2019
As always, both Steven and Sue were knowledgeable, helpful, informative, quick and a pleasure to deal with.
19 Aug 2019
Can I get a mortgage after bankruptcy?
Yes you can – and the day after being discharged!
Many people I speak too are delighted to find that after talking to me they qualify for a mortgage having been made Bankrupt as they assumed they would have to wait 6 years until it no longer appears on their credit file – you can get a mortgage the day after you have been discharged!
The saying time is a great healer is never truer than when applied to getting a mortgage. If you have an adverse credit history, the longer the period from when you were discharged from Bankruptcy, the better your chances are of getting a mortgage and being able to borrow more.
So how much can I borrow?
That depends on how long you have been discharged but firstly, you cannot have a mortgage if you are still a Bankrupt – you must be discharged, or have it annulled.
Detailed below are the loan to value limits for how much you could borrow from the date you are discharged.
70% – the day after you are discharged
75% – discharged for 1 year
80% – discharged for 2 years
90% possibly 95% – discharged after 4, 5 or 6 years
Property Repossessed in the Bankruptcy
If you had a property repossessed in the Bankruptcy and there was a mortgage shortfall, this will require further investigation by a lender. They would be concerned that if the lender were to find out you were applying for a mortgage, they could ask you to settle any outstanding mortgage. If this is case, please draw the repossession to my attention when we speak.
You can ‘cancel’ a Bankruptcy if you clear the debt within a certain time frame and this has the effect of putting you back in a good position, as though the bankruptcy never happened. For example, you could raise funds from the equity in your home before being made Bankrupt.
How long are you a Bankrupt?
Your Bankruptcy should only last for one year after which time, provided you have complied with the T’s & C’s of the Bankruptcy Order, you will be discharged. If you have not complied with the Order, for example not declared assets that could have been used to clear debt or withheld information from the Trustees, this could be extended. If this happens, lenders will take a dim view of this as you will not have been open and honest with your dealings with the Trustees.
Help To Buy Mortgages
I know of a lender that would consider you for a bad credit Help to Buy Mortgage up to 75% loan to value if you have been discharged for at least 1 year or another lender to 70% the day after you are Discharged!
If you’re looking for Help to Buy (H2B) or Shared Ownership Mortgage advice after bankruptcy, I can help.
For more information on how I can help you please call me on: 01494 526400 or complete my online enquiry form.