Remortgage after Bankruptcy

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Mortgages made easy. We’ll match you to the perfect broker to help secure the best mortgage deal for you – fast, easy and free. Try our 60 Second Mortgage Qualifier.

Mortgage Qualifier

1 minute. That’s all it takes to find out if you are likely to be accepted for a mortgage and it won’t impact your credit score. It really is that easy.
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Mortgage Advisor introduction

We will match you to a Mortgage Advisor who will understand your circumstances and help secure the best mortgage for you.

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Remortgages for Ex Bankrupts

When you’re declared bankrupt, it can be pretty traumatic and it can feel like the end of the world as you know it. However, often the end of something is merely the beginning of something new and many people are able to and do rebuild their financial lives after being bankrupt. There is a common misconception that being bankrupt will preclude you from ever having a mortgage again, but nothing could be further from the truth.

6 Years

A bankruptcy notice will stay on your credit file for around 6 years, after which it will fall off and you’ll be able to start rebuilding your score. During this time, you’ll learn how to manage your finances in a more controlled and sensible way, which is something that will serve you well in the future. The dates that are showing up for your defaults should be no later than the date you became bankrupt, so you need to check that the ones on your credit file are correct.

If they’re not, then you need to contact the creditor in question to get them to rectify it. There are three main credit reference agencies in the UK; Equifax, Experian and Call Credit and each must have the correct information. Don’t ask them to change it directly, as they’ll just contact the creditor in the same way and it may take longer to achieve.

Loan To Value (LTV)

An important aspect of any remortgaging application is how much equity you have in your property. The more you have, the more leeway the lenders may give you with other factors like your credit score. For example, if you own half of your home outright (50% LTV), you’ll have a better chance of success than if your equity only accounts for say 30% of the total value of your home. Having less equity won’t stop you remortgaging, but it might make it more difficult.

Cleaning Up Credit

There is much that you can do to boost your credit score, which as we said before, can start in earnest, once your bankruptcy has been discharged. Financial products like Loqbox and Vanquis can provide a vehicle for you to do this by offering a way to demonstrate your ability to manage credit sensibly. For more information on this and other ways to increase your score, take a look at our improve your credit score page.

Specialist Brokers

The truth is that your best chance of remortgage application success is by talking to a specialist broker who has access to deals offered by lenders who consider a person’s entire financial picture, rather than just a credit score. At Niche Mortgage Info, we work with a carefully chosen panel of mortgage lenders who make it their business to find mortgage deals for people who’ve had money issues in the past and are trying to get back on their feet. They can find you deals that you simply won’t find on your own and it make the difference between getting a remortgage and not.

If you’ve recently been discharged from bankruptcy and you’ve had trouble remortgaging, talk to one of our recommend brokers to see if they can help. If anyone can help, they can.
How long do I have to way after bankruptcy to apply for a mortgage?

Legally speaking, in the United Kingdom, you’ll have to wait for one year before obtaining any kind of credit after being discharged from bankruptcy. There can be special dispensations granted by the courts, but this is quite rare and has to be due to exceptional circumstances.

From the lender’s point of view, there are some companies that will offer you a mortgage from the moment you get discharged, but this will usually involve meeting some stringent criteria, less than favourable interest rates and a sizeable deposit.

The longer it has been since you’ve been out of bankruptcy, the better and the magic figure for most of our lenders is the 6 year point, as this is when it ‘falls off’ your credit file. It is possible to apply for and obtain a mortgage before that point, but if you do the application may be less straightforward and the rates offered that much less attractive.

So, if you’d like to know about the exclusive deals that are designed for people just like you, talk to one of our recommended brokers today!

Niche Mortgage Info is a guidance website and introducer and is not regulated by the FCA. All of the advisers we partner with work only for firms who are authorised and regulated by the FCA and specialise in a number of different fields. They will offer any advice specific to you and your needs. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice.

By making an enquiry you accept that your information will be passed to one of the specialists.