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4 tips on getting a mortgage after bankruptcy

If you’ve been bankrupt in the past, you’ve clearly had financial difficulties. That means any lender will look very closely at your situation before offering you a mortgage. But the good news is there are steps you can take to give your application a better chance of success.

Tobi Owens From the Mortgages team
minute read

2. Check your eligibility

Adverse lenders may impose additional eligibility requirements to protect themselves. These can include being discharged from bankruptcy for at least three years and having a clean credit profile since your discharge (ie, not missing any repayments on outstanding credit). 

If you’re concerned you might not meet the eligibility requirements for a mortgage, you can use our mortgage eligibility checker to see how likely it is that you’ll qualify before you apply.  


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3. Use a mortgage broker

If you’re thinking of applying for a mortgage, a broker could offer advice on the options available to you. This could be applying to an adverse lender, or waiting until bankruptcy is no longer on your credit file.

4. Have a large deposit

If you’re applying for a mortgage while bankruptcy is still on your credit file, you’ll often be expected to pay a deposit of between 20-40% of the property’s value. That’s because many adverse lenders cap the amount that they’re prepared to lend at 60% of the property’s value, with just a few prepared to go as high as 80%. 

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