Getting a mortgage following bankruptcy may sound like an impossible task but by perusal of professional bankruptcy mortgage advice you can increase the chance of gaining approval. For some, being bankrupt seems like the world has come to an end. However, there are some big advantages to wiping the slate clean and starting again from scratch. In the past getting a mortgage approved following bankruptcy was almost impossible but as the number of people falling into debt increases (currently seven thousand UK residents experience bankruptcy every year, the opportunity to gain approval for a bankruptcy mortgage is increasing. Happily the quantity and quality of bankruptcy mortgage advice is on the increase along with it so much so that it can be a real task to sort through this volume of bankruptcy mortgage advice and grab that which is most relevant to your personal circumstances. Here we highlight some of the most important information that will apply to anyone in this unfortunate position. Firstly, it is crucial to understand that you will legally be required to declare that you are bankrupt. The thought of this may cause you a few sleepless nights assuming that you will never get a mortgage after bankruptcy; the thing you must remember is that these days there are many more lenders who are willing to approve a bankruptcy mortgage. By following good bankruptcy mortgage advice you are definitely more likely to get approval a bankruptcy mortgage. Some good advice to bear in mind is as follows: â€Most Lenders prefer to wait two years after your bankruptcy discharge before considering a bankruptcy mortgage application. If you are in this position the chance of approval increases dramatically as does the choice of schemes available to you. â€Ensuring that all your payments after bankruptcy are made on time will increase your chance of getting a bankruptcy mortgage. A large deposit is definitely advantageous when applying for a bankruptcy mortgage. Good bankruptcy mortgage advice would suggest a deposit 5% to 15% of the property value will increase your chances of approval. Some lenders will look further into where the money for the deposit has originated especially if it has come from relatives. So be sure to check the lender criteria. â€It is vital that you get bankruptcy mortgage advice from a professional mortgage adviser who is regulated and approved by the FSA. Do make sure that you look at as many bankruptcy mortgage lenders as possible this will ensure that you have the maximum chance of getting a bankruptcy mortgage that best meets your needs. â€Ensure that all the bankruptcy mortgage advice you are given is fully explained to you. The mortgage advice you are given should be completely transparent. If you don’t understand the advice that you are being given then more often than not it’s an indication of inaccuracy. â€Remember that the people offering you bankruptcy mortgage advice are likely to have different commission rates from different lenders and schemes. To ensure that you get the best advice and choice of lenders. Seeks the services of a specialist FSA approved mortgage broker who sources from the whole of the market. FSA approved mortgage brokers are obligated to give you best advice and will find the right deal to suit your individual needs.
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