1 How quickly will I get a decision?
We can usually obtain a Decision in Principle (DIP) from a lender within 24 hours, and often the same day.
2 How much deposit will I need for a mortgage after bankruptcy?
The deposit you need will vary according to how long ago you were discharged and what comes up in your credit report. Every case is different and much will depend on your individual circumstances, as well as the lending criteria at any given time of the niche bankruptcy mortgage providers willing to lend. As a general rule of thumb, if you were discharged a couple of years ago, a 15-20% deposit may be required. After 4-5 years, you may only need to find a 5-10% deposit.
3 - What are my chances of getting a bankruptcy mortgage?
This will depend on the specific circumstances of your case and the severity of the bad credit. But your chances are reasonable if you were discharged from bankruptcy at least 2 years ago and have a 10-15% deposit available.
After 4-5 years, products become available to ex-bankrupts with terms much closer to mainstream deals.
If you've been discharged less than 2 years ago, it is very unlikely we will be able to help as there are barely any deals available for recently discharged bankrupts. The ones that are tend to be punitive, with extremely high interest charges and fees. The lender is also likely to require a higher deposit of 40% or more.
4 I've just been declined for a mortgage elsewhere. Can you help?
Yes. The brokers we work with have access to specialist niche lenders who cater to the adverse credit mortgage market. So even if you've been declined recently by a high street bank or other lender, it's still worth getting in touch.
5 - I've not been discharged yet, can you help?
No, sorry. We can only help if you've been discharged for at least 2 years.
6 Do I need a copy of my credit report before I contact you?
No, not at all. However we will need to look at your credit report to assess your circumstances properly. So we recommend you download your credit file from one of the main credit rating agencies asap.