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A Bankruptcy Search is a search carried out by a Conveyancing Solicitor on behalf of a Mortgage Lender as part of their 'Solicitor's Instructions' to ensure the borrower is not bankrupt, or about to be made bankrupt.
On this page we provide more information on what a Bankruptcy Search is and what it may reveal, and how we may be able to help with a mortgage once discharged from bankruptcy, or a remortgage whilst you are in bankruptcy.
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So, as we previously mentioned then, before releasing funds to complete a mortgage, the lender will insist that the Conveyancing Solicitor, within their "Solicitor's Instructions", undertakes a Bankruptcy Search at the Land Registry to confirm that the borrower is not, or about to be made bankrupt.
So what exactly might a Bankruptcy Search reveal? Well a Bankruptcy Search will reveal a number of aspects usually including:
Details are held at HM Land Registry in order that a property cannot be sold or mortgaged by a bankrupt or pending bankrupt, without the Trustee in Bankruptcy's consent.
Well, we will certainly try!
To be clear you cannot obtain a mortgage whilst you remain in your bankruptcy, although you can legally borrow once you have been discharged from bankruptcy. You will however need a deposit of somewhere in the region of 10% to 15% if you're purchasing.
However, there is an exception to this! Even though you can't borrow mortgage funds whilst you are in bankruptcy, we do have specialist lenders who will consider remortgaging your property to raise funds to pay-off the bankruptcy.
Alternatively, it may be possible to consider the transaction in your spouse or partner's name, provided of course, affordability can be demonstrated.
So, please don't hesitate to Contact Us if you have experienced difficulties with bankruptcy issues, our mortgage specialists are available on Freephone 08000 282 281 until 10pm every day, and we would be delighted to assess your circumstances and provide you with a rapid in-principle decision. Alternatively, why not enquire online at any time!
The range offered by our specialist lenders also extends to those who have been involved in an Individual Voluntary Arrangement, County Court Judgements, arrears or credit defaults. We will of course carefully assess your circumstances, needs, requirements along with your aspirations and will come up with the most appropriate solution for you.
We hope we have managed to shed some light with regards to Bankruptcy Searches and the information that a Bankruptcy Search may reveal, and have answered any initial questions you may have had. Remember we're here to help, and are only ever a free phone call or a couple of mouse clicks away, whichever you prefer, we'd love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
