"Excellent, helpful service throughout."
Miss P., Skellingthorpe, Lincolnshire
Personal Bankruptcy relates to individuals. A person will become bankrupt when their personal debts are greater than their assets, and they can no longer repay their financial commitments to their creditors.
On this page we take a look at Personal Bankruptcy and the problems it can cause when it comes to mortgage borrowing, and offer details of the help and financial solutions we can provide if you have suffered a personal bankruptcy.
Table of Contents:
Personal Bankruptcy then, as we touched upon above, is when an individuals personal debts outweigh their assets and they can no longer maintain their repayments to their creditors.
Suffering a Personal Bankruptcy is obviously an extremely distressing experience, although in recent times, bankruptcy has been used as a tool and solution to avoid the contractual repayments of financial over-commitment. In social terms, bankruptcy no longer carries the dreadful stigma conjured-up by visions of the debtors' prison!
So what are the modern day effects of Personal Bankruptcy when it comes to borrowing? Well, when a court adjudges an individual as being bankrupt, the individual will be barred from borrowing until they have been discharged from bankruptcy. The period an individual has to remain in bankruptcy has been reduced from a period of two or three years (depending on the amount of bankruptcy), and now generally lasts for a period of twelve months from the date of adjudication.
Once discharged from bankruptcy, the bankrupt is free to borrow again - if anyone will lend to them! And most high street financial institutions will usually give ex-bankrupts a wide berth.
You'll be pleased to know, usually yes we can!
Although you can't obtain a mortgage whilst you remain in your bankruptcy, you can legally borrow once discharged from your bankruptcy, although you'll need a deposit of 5% - 10% if you're purchasing.
We have an extensive range of specialist lenders that will consider advancing mortgage funds to borrowers who have been discharged from bankruptcy. The range also extends to those who have been involved in an Individual Voluntary Arrangements, County Court Judgements, Arrears or Credit Defaults.
Like we say, although you can't actually borrow mortgage funds whilst you are in bankruptcy, you could actually remortgage a property to pay-off the bankruptcy. And within our portfolio of specialist lenders, we do have schemes that can accommodate this scenario.
So, call our qualified Mortgage Advisors today in confidence on Freephone 08000 282 281 (lines open daily until 10pm) if you would like to discuss the options open to you. Obviously, we'll carefully assess your personal circumstances, along with your needs, requirements and your aspirations to try and come up with what we feel will be the most appropriate solution for you.
You will find our service is friendly and professional, and we'll listen with a non-judgemental and sympathetic ear, we're here to help you! You can also enquire online if you prefer, and we'll be delighted to provide an in-principle decision, whatever your circumstances.
We hope we've managed to explain Personal Bankruptcy, its implications on mortgage borrowing and that financial help and solutions are available. Remember, our site is crammed full of useful mortgage and remortgage information and help. Why not use the site search tool near the top right hand corner of every page to pinpoint the information you require quickly, and please do get in touch with us if you think we could be of assistance. We would 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.
