Help and FAQ

I have just been discharged from bankruptcy and would like to know if it will be possible for me to ever own my own house again?

Good news. It is now possible to apply for a mortgage virtually on the day of your discharge. Whilst many "High Street" lenders will not consider ex-Bankruptcy for periods of between 3-7 years or longer in some cases, there are specialist's lenders that will accept an Application as soon as you have your Discharge Certificate! The general rule is that the longer a person has been Discharged then the smaller the deposit needed. Deposits required are between 5-20%.

I have been self-employed for 18 months now, but when I approached a "High St" lender for a mortgage they told me that they could not help as I had not been trading long enough and that my net profit would need to be much higher, is there anyone who will take a different view?

Whilst the traditional "High Street" lender will generally want 3 years accounts, the good news is that there are specialists lenders that are willing to take every application on it's own merits. Ironically, some of these lenders are offshoot of the same type of "High Street" lenders that has turned you down, but operate with a much more flexible attitude! Some require just 12 months trading and rather than insisting on accounts will accept just an Accountants Certificate on Income. Self-certification of income has also become popular for people who have difficulty proving their income or for people without an Accountant, the amount of deposit required will between 10-20%.

I really need to bring my monthly credit costs down. I have a mortgage plus various credit cards and unsecured loans that at times, I find difficult to cope with. Is it possible to add these to my mortgage?

Debt consolidation can certainly help reduce your monthly outgoings to one manageable amount; just how much can consolidate depends on; the value of your property, how much equity you have available and also how you have been managing your credit. For example; if you have always managed to maintain your payments, then you should be able to consolidate up to 95% of your property's value. But if, like many others, you have found it difficult to up the payments on your credit and have perhaps missed or made some late payments, then it may only be possible to consolidate up to 85% of your property's value.

I have a poor credit history due to employment problems in the past. I have had 2 CCJ's totalling £2,500 (which I have not yet paid off) registered against me, plus several defaults - but these were all over 18 months ago. Is it possible to arrange a mortgage for me?

Whilst a 100% mortgage would not be possible, arranging for a First time or next time buyer with suitable deposit and sufficient income should be relatively easy and probably with just 5% deposit. A general rule bear in mind regarding deposit size is; the older or smaller the credit problem- the smaller the deposit required. And please bear in mind that some specialist's lenders ignore credit problems over 3 years old.