There are mortgages available even if you’ve been bankrupt
If you’ve been declared bankrupt, we can start looking at mortgage options available once you’ve been discharged. This usually happens after a bankruptcy term of 12 months. Read more about bankruptcy here
- Mortgages available even if the bankruptcy is still on your credit report
- Residential and buy-to-let mortgages
- Specialist lenders available
Helping one customer to buy a new home who had previously been bankrupt
Mr and Mrs B had seen a property and managed to save a 10% deposit so they could buy it. Mr B had previously been bankrupt and still had outstanding defaults showing on his credit file. At Clever Mortgages we were able to help the couple:
Prove to the lender Mr B’s previous defaults had been paid as part of his bankruptcy Take out a new 90% mortgage so they could use their 10% deposit Secure a mortgage of nearly £65K over 20 years with a fixed rate for the first two years
| Bankruptcy years discharged | Maximum loan-to-value (LTV) |
|---|---|
| Less than a year | 60% |
| 1 year | 75% |
| 2 years | 85% |
| 3 years | 95% (subject to credit score) |
| 4 years | 95% (subject to credit score) |
| 5 years | 95% (subject to credit score) |
| 6 years | 95% (subject to credit score) |
Although Mr B had been discharged from his bankruptcy over three years since wanting to buy the house, there were some defaults on his credit file that were still showing as outstanding. Even though these had been included in the bankruptcy, several lenders had refused his application. We approached a lender which we knew may be able to help and worked with Mr B to gather the information needed to prove the defaults had been paid.
He was relieved to secure his mortgage, buy his home and enjoy moving in with his family.
| Balance | Payment | Rate | Product | Term | |
|---|---|---|---|---|---|
| New Mortgage | £63,900 | £362.86 | 3.09% | 2 year fixed rate | 20 years |
| Balance | £63,900 |
| Payment | £357.27 |
| Rate | 3.09% |
| Term | 20 Years |
No obligation advice on bankruptcy mortgages
Based on a property value of £ with a £ mortgage for years
Latest mortgage best buys
Based on a mortgage of £130,000 on a property worth £260,000
then 4.34% (variable)
Fees and charges
-
Booking fee£0.00
-
Arrangement fee£1,499.00
-
Valuation fee£0.00
-
Other fees£570.00
-
Cashback£250.00
Other info
-
Exit fee£0.00
Flexibility
-
Overpayments allowed?Yes
- Representative example
- A mortgage of £130,000.00 payable over 25 years, on a ‘Fixed rate’ of 1.04% would initially cost £492.29 for 27 months. This would be followed by 273 monthly payments at a variable rate of 4.34% costing £690.32 per month. The total amount payable over the full term of the mortgage would be £201,499.19, made up of the loan amount plus interest and fees (£1,549.00). The overall cost for comparison is 3.9% APRC.
then 3.54% (variable)
Fees and charges
-
Booking fee£0.00
-
Arrangement fee£999.00
-
Valuation fee£0.00
-
Other fees£1,326.00
-
Cashback£0.00
Other info
-
Exit fee£0.00
Flexibility
-
Overpayments allowed?Yes
- Representative example
- A mortgage of £130,000.00 payable over 25 years, on a ‘Tracker rate’ of 1.39% would initially cost £513.23 for 24 months. This would be followed by 276 monthly payments at a variable rate of 3.54% costing £642.40 per month. The total amount payable over the full term of the mortgage would be £189,619.92, made up of the loan amount plus interest and fees (£1,016.00). The overall cost for comparison is 3.3% APRC.
then 5.89% (variable)
Fees and charges
-
Booking fee£199.00
-
Arrangement fee£800.00
-
Valuation fee£0.00
-
Other fees£855.00
-
Cashback£0.00
Other info
-
Exit fee£150.00
Flexibility
-
Overpayments allowed?Yes
- Representative example
- A mortgage of £130,000.00 payable over 25 years, on a ‘Variable rate’ of 2.84% would initially cost £605.71 for 0 months. This would be followed by 300 monthly payments at a variable rate of 5.89% costing £605.71 per month. The total amount payable over the full term of the mortgage would be £181,713.00, made up of the loan amount plus interest and fees (£1,149.00). The overall cost for comparison is 2.9% APRC.
6 Great reasons to choose Clever Mortgages
Specialists in bad credit
Every member of our team is trained in bad credit situations and know how to find the right solutions for customers – helping them get the mortgage that’ll get them back on track.
Over 100 lenders
The number and quality of lenders we work with means we have access to a diverse spectrum of best-rate deals. The lenders we use means we have all areas covered – even for those in particularly niche circumstances.
Not every case is the same
As each customer’s situation is unique, we take the time to understand your situation, and we carefully assess your goals and how we’ll make sure the mortgage we get helps you to achieve them.
Access To Exclusive Rates
The relationship we have with our lenders means we have access to products and deals that simply aren’t available to customers going direct. This is true particularly for those in adverse credit situations.
Offering the best support
We know that buying or moving house and getting a mortgage is stressful, so we do our upmost to make the process as hassle-free as possible. We’re there for you at every step, always keeping you in the loop.
Excellent Reviews
We’re proud of our long-standing 5 Star Rating on Trustpilot, and love all the positive feedback we get from customers every day. We feel privileged to help people get a great deal with far less stress.
Why use a mortgage broker?
Mortgage brokers can help you find the best deals on the market – not just from one lender. With a broker you’ll get:
- Valuable knowledge, through years of experience helping customers to find mortgages
- An improved chance at finding a mortgage, some mortgages are only available through a broker
- Help with the application process, as usually just one application can be used across various lenders
- Advice on how to improve your chances, for instance getting a guarantor or applying for a joint mortgage
About Clever Mortgages
We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:
- With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
- Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
- With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
- Our team know the lenders that are most likely to say ‘yes’, and give you the best rates
What should I do next?
- You enquire online with us today or request a call back
Our simple form takes a couple of minutes to fill in, this gets the ball rolling
- One of our experts will give you a call to find out more about your situation
We have experts in remortgaging, who focus solely on helping customers save money
- We do all the hard work for you
We search the market for the trusted lender that’s right for you
- Our expert will get back in touch
We can guide you every step of the way, and we’ll always keep you up-to-date with progress
Speak to a broker
Laura Connor
Laura is a specialist mortgage broker, whose been working for Clever Mortgages for 5 years and has over 11 years experience in Financial Services.
Call us on: 0800 197 0504
Below are some of the lenders we work with
