Looking for a mortgage in London but been bankrupt in the past? The Mortgage Hut can help you! We can assist potential homebuyers in London with a history of financial problems including poor credit score, county court judgements, repossessions and bankruptcy.
Mortgages for those with Bad Credit
The Mortgage Hut have access to a wide range of lenders including those that are sympathetic to people who have been bankrupt in the past. Unlike the big high street banks, these lenders believe people like yourself deserve to be listened too and will take into account any valid reasoning behind your financial problems in the past such as redundancy, illness and marriage breakdown.
Tips for Mortgages after Bankruptcy
It’s not easy facing the double challenge of poor financial history and the high house prices of the city but it is possible to get a mortgage after bankruptcy. Following these tips could help:
- Be aware of your credit score - use a company such as Experian to check your score and make sure all the details are correct and up to date as potential lenders will be using this when making a lending decision.
- You need to show potential lenders that you are now in control of your finances. There are ways you can improve your credit score, for example by ensuring you keep up to date with all payments and taking out a credit card and paying off the full balance each month.
- Speak to a mortgage broker. The Mortgage Hut can help you find suitable lenders who will consider your application. This saves the time and hassle of going to numerous mortgage providers which may reject your application and further worsen your credit score.
- Don’t rush - although some lenders will consider applications from those who have been discharged for 12 months - the longer you wait the better your chances of your mortgage application being accepted. You are also likely to get a better rate of interest and lower fees as time goes by.
Speak to The Mortgage Hut for honest, professional advice.
Buying a London home after bankruptcy is not an easy process. You need to bear in mind for example, that unless it has been a long time since your bankruptcy (around 5 years or more) it is likely lenders will have higher fees and rates as you present a higher risk. The Mortgage Hut will do all we can to find you affordable finance to help you into your new home - why not get in contact today to speak to one of our friendly London mortgage advisers?