The effects of being bankrupt can last a long time, but how long do you need to wait until you can apply for a new mortgage?
Like any negative credit blips on your credit file, it makes it very difficult to obtain a mortgage when you have been bankrupt.
Most High Street lenders will not consider your application if you have been bankrupt within the last 6 years.
In the adverse market, lenders are more forgiving, many will consider lending 3 or 4 after your discharge date.
Currently, we even have lenders who will consider an application 12 months after the discharge date.
Having a bad or poor credit history will typically mean you will need a larger deposit. If you have previously been bankrupt it is likely the lender will ask for between 15% to 40% down.
If need any help obtaining a mortgage after being bankrupt speak to a mortgage advisor who, like us, is an expert in this field.
At Plus Financial Solutions we love helping our clients find great mortgage deals, contact us today for a free quote on 01604 328 091.