Loans for discharged bankrupt Homeowners
Loans Secured on your property
Your SituationIf you have previously been registered as bankrupt then finding a loan can be very, very difficult even if you have now been discharged. Your options will be reduced considerably and most high street lenders will not have provisions to grant loans for previously discharged bankrupt homeowners.
Why will my options be reduced?
Your credit rating will have been affected by your bankruptcy and therefore you will be classed as a higher risk to a potential lender. This is not a reflection of your character just your payment profile, but is not the end of the world.
But I need a loan and cant get one!
The reason behind this is that one of the main issues a lender will be looking for when underwriting your application is if you will have the ability and intent to repay your loan once it has been granted. They will also need to look at what previously happened and why. They will also need to see how you will be able to meet financial commitments now. Most general lenders use a computer-based credit scoring system and the credit scoring systems they use cannot determine why you had previous problems, only the historical fact that you did.
The Good news
Not all lenders work the same way. There are specialist lenders that exist that have provisions to arrange loans for previously discharged bankrupt homeowners. They will review your application on an individual basis and often not use a credit scoring system to make their decision.
What makes these lenders different to others?
Their goal will to be to establish if granting a loan for you is an acceptable risk to them. They will review your application on an individual basis and often they will not use a credit scoring system to make a decision. This type of lender will work hard on building a relationship with you, having human underwriting decisions. This will mean that they will usually require a brief explanation as to why you became registered bankrupt.
What do I do next?
If you require a loan and are a discharged bankrupt homeowner then simply click on the “apply online” button below, this will take you to the simple online application form, complete it and submit it to us. Please remember that our job is to find a lender that will best suit your circumstances so it is very important that you be honest about any credit problems you have. This will help us speed up the process.
What will happen then?
We through our stratigic parners will
contact one of the specialist lenders that deal with your personal circumstances
to arrange your loan once your completed application form has been received.
Just click below on the “apply now” button and you will
be contacted shortly thereafter with a decision in principle.
Low rates from 8.8680% APR. The overall cost for comparison is 15.5% APR typical-variable. Over 66% of our customers receive a lower APR than the typical rate shown. Our highest rate is 19.8% APR variable.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.
