Can You Get a Mortgage After Bankruptcy?
Specialist mortgage advice after bankruptcy
your home may be repossessed if you do not keep up repayments on a mortgage.
The Financial Conduct Authority does not regulate some forms of Buy to Lets.
Yes, a mortgage may be possible after bankruptcy, but there’s no one waiting period or deposit requirement that applies to everyone. Lenders will look at the bankruptcy order and discharge dates, your credit record since, any ongoing commitments, the deposit, and whether the proposed mortgage is affordable. It can be a much narrower market than for an applicant without a bankruptcy history.
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Bankruptcy order and discharge are different dates
The order date is when you became bankrupt. Discharge ends the ordinary period of bankruptcy restrictions, although individual circumstances and any additional restrictions need checking. A bankruptcy normally remains on a credit file for six years from the order date, not six years from discharge. If discharge takes longer than six years, the entry may remain until discharge — check the individual record. Discharge doesn’t instantly clear the credit file or guarantee that a lender will accept an application.
Keep the order and discharge evidence. Lenders may have their own rules about how long ago discharge occurred, whether it’s shown correctly on your credit reports, and how you’ve managed credit since. We check current criteria using your exact dates rather than giving everyone a blanket “wait one year” answer.
What else does a lender assess
Recent conduct. Further missed payments, defaults or significant outstanding borrowing may narrow the choice. An accurate record of regular payments since discharge can help present the current position, but it doesn’t cancel the bankruptcy history.
Deposit and affordability. A larger deposit may help with lender choice, but there’s no universal bankruptcy deposit percentage. The source of funds needs to be evidenced. Income, household spending and commitments must support the proposed payment. If you’re self-employed, proof of income and the time you’ve been trading can add a second set of lender criteria.
Property and purpose. The lender must be comfortable with the property as security and the purpose of the borrowing. If you owned a property during the bankruptcy, the ownership and any interest retained by a trustee may need specialist legal attention. Don’t assume that discharge alone settles a property-title issue.
What if you own a home and your deal is ending
Ask what your existing lender can offer before assuming you need a new specialist lender. A product transfer that keeps the existing mortgage balance may differ from a new-lender remortgage or borrowing extra money. We compare eligibility, interest rate, fees, early repayment charges and the longer-term plan. A product transfer isn’t guaranteed and the lender’s current terms still apply.
Prepare these details before asking about a mortgage
- Bankruptcy order date, discharge date and any applicable restrictions or documents.
- Credit reports showing the bankruptcy status, other adverse entries and recent payment history.
- Income evidence, household commitments and deposit source or current property equity.
- The mortgage goal: first purchase, moving home, new deal with an existing lender, or additional borrowing.
If the credit file still shows bankruptcy as active after discharge, check the official records and ask the credit reference agencies to update inaccurate data. If debts or insolvency obligations remain unclear, take suitable independent debt or legal advice before entering a new secured commitment.
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £597 to £997 and this will be discussed and agreed with you at the earliest opportunity.
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FAQ
There’s no single waiting period used by all lenders. Once discharged, you can explore options, but a recent discharge usually leaves fewer willing lenders and may come with more demanding terms. Some lenders require a period of clear conduct and others have their own minimum time since discharge. We check the exact order and discharge dates, credit files, deposit, income and any subsequent adverse credit before deciding whether an application is sensible.
Normally from the bankruptcy order. Government guidance says bankruptcy can remain on a credit report for six years from the date of bankruptcy; if discharge takes longer, reporting may last until discharge. A standard discharge after about 12 months therefore doesn’t start a new six-year clock. Check all your credit reports for the order date and accurate discharge status — other debts may have their own dates.
No fixed percentage applies to every case. Lenders vary according to time since discharge, recent credit conduct, affordability and the property. More deposit can reduce loan-to-value and sometimes widen options, but even a substantial deposit can’t guarantee acceptance. We check the current criteria and compare the rate, arrangement fees and overall cost before you set a purchase budget.
It may be very difficult and the available lender pool can be small. The exact date, credit history since discharge, income, deposit and what the bankruptcy involved matter. If the application would require an expensive product or fail a policy rule, waiting may improve the range of choices. We can examine both timing and cost, but no one can guarantee a product at a future date.
First establish ownership and whether the trustee has any remaining interest in the property — unresolved title matters need legal advice. If your deal is ending, ask the existing lender about a product transfer and compare its total cost with any new-lender remortgage. Borrowing extra is a separate assessment and may be more difficult. Tell us the mortgage balance, deal-end date, estimated value and the exact insolvency dates.
Possibly. The lender will assess both incomes, both credit files, the proposed ownership and the source of the deposit. A partner’s clean credit doesn’t hide or cancel your bankruptcy. If a property was affected by the bankruptcy, resolve any trustee or title issues before assuming a particular ownership structure is possible. We can assess the case after reviewing the complete circumstances.
They may. The ordinary credit-file entry can disappear after the applicable period, but a lender may ask a direct question about past bankruptcy and expect an accurate answer. Other credit entries may remain under their own dates, and disappearance alone doesn’t establish affordability. Keep the order and discharge records so the dates can be given correctly if requested.
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