Obtaining a mortgage after being bankrupt can be difficult, sometimes feeling impossible with most high street lenders unwilling to consider an application if you have been bankrupt within the last 6 years. At Plus Financial Solutions we have lenders that will consider the application after as little as 1 year after the bankruptcy discharge date.
WHAT IS BANKRUPTCY?
Bankruptcy is a legal status of a person or other entity that cannot repay debts to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
WHEN CAN I APPLY FOR A MORTGAGE AFTER BEING BANKRUPT?
Discharged over 1 year ago:
Up to 50% of the property value
Discharged over 2 years ago:
up to 70% of the property value
Discharged over 3 years ago:
Up to 75% of the property value
Discharged over 4 years ago:
Up to 85% of the property value