Open 7 Days a WeekSame Day QuotationsExpert AdviceLoans behind other bridgesMarket Leading RatesFast completions, often within daysNo Monthly PaymentsAll situations and security consideredFree upfront service2nd and 3rd chargesLoans from £25.5K to MillionsThose affected by bankruptcy often have questions regarding bankruptcy loans, bankruptcy mortgage applications, and general bankruptcy finance, both immediate and long-term.
Loans for people after bankruptcy do exist but are not necessarily the same as those for borrowers with a clean credit history.
If your application for bankruptcy is successful, all debt repayments are frozen, and monthly repayments are halted (unless you are declared able to continue paying a reduced amount). This may include your car, your home, and your general possessions, though there are restrictions to ensure those affected are not rendered homeless or unemployed.
Bankruptcy mortgage loans, personal loans with bankruptcy, and various types of secured loans can still be granted where extreme credit issues apply. Short-term financial solutions like bridging loans are also available, which can be useful for clearing debts, meeting urgent outgoings, or funding major purchases (like cars or homes). It simply means you need to target the appropriate lenders with your applications.
Personal loans issued on the basis of strong credit are more difficult to access, though they may not be entirely out of the question.
The key to getting any kind of loan or mortgage after bankruptcy lies in seeking qualified expert support at the earliest possible stage. Rather than taking your business directly to any specific lender, it is far better to consult with an independent broker.
In doing so, you will access the impartial and objective advice you need to choose an appropriate way forward. In addition, your broker will be able to compare bankruptcy mortgage loans (and other types of loans) on your behalf with an extensive panel of specialist lenders.
Even if you have been turned down repeatedly elsewhere, there is every possibility that a reputable broker will help you find a competitive loan at a price you can afford. Importantly, exploring the available options with the help of a qualified broker can also protect your credit file from further damage, should any of your applications be unsuccessful.
If you are looking for help applying for a loan after bankruptcy or are simply interested in the available options, we are standing by to take your call. Contact a member of the team at UK Bridging Loans anytime for an obligation-free initial consultation.
Clients approach UK Bridging Loans either directly or via introducers. Basic questions by way of a “fact-finding” process are used by UK Bridging Loans to determine if the lending requirements are a possibility.
An immediate yes or no answer is given, and if suitable, a quotation is formulated and forwarded to the client, usually by email.
A formal offer is produced for any client wishing to proceed and forwarded for signature, again, usually by email.
Each client is visited at the security address for the signature of the remaining loan paperwork, including a CH1 land registry charging order. We will also collect any additional pre-requested documentation.
The signed documentation was immediately sent to our underwriters. Our model is based on very quick completions, as each deal is funded using all of our own money. On rare occasions, we may request additional information.
Average completion from initial acceptance to pay-out is usually just a few days. We rarely require valuations or additional legal representation. The land registry charge will be removed once the bridging loan is repaid.
The applicant could be too old to obtain a standard high-street mortgage, as most mortgage lenders now prevent borrowing beyond what is deemed “normal retirement age”.
The property may be in a condition where it is not suitable for mortgage financing, and as such, a bridging loan could be used to complete the purchase and any required work prior to refinancing.
The applicant may have had some adverse credit, however minor, which was previously acceptable to lenders but now no longer fits the high street lending criteria.
The applicant may have difficulty proving the income requirements needed for more regular financing. This may be due to poor self-employment records, a break from work, a reduction in self-employed workloads, or overtime.
Superfast completion, often within days
Land, with or without planning 2nd charge (consent is not always required) Quick auction finance 3rd charge (consent is not always required) Adverse credit is considered 2nd charge behind the bridging lender 2nd charge behind the equity release lender Up to age 85 Pure equity-based lending Residential and commercial Valuations are not always required Loans from £25,500 A free legal option No monthly paymentsIs there a way to avoid bankruptcy?
Yes, there are several ways to avoid bankruptcy, including:
Does a bankruptcy ruin your credit?
Yes, bankruptcy can have a significant negative impact on your credit score.
It will remain on your credit report for 7–10 years, and it can make it
difficult to obtain loans, rent an apartment, or get a job. However, it is important
to remember that bankruptcy is not the end of the world. You can rebuild your
credit over time by making on-time payments on your debts, maintaining a low
credit utilisation ratio, and avoiding additional debt.
How long does it take to rebuild your credit after bankruptcy?
It can take anywhere from 2 to 7 years to rebuild your credit after bankruptcy.
The exact amount of time will depend on your credit history, your ability to
make on-time payments, and your overall financial management.
Is it true that after 7 years, your credit is clear?
No, it is not true that your credit is completely clear after 7 years. Bankruptcy
will still show up on your credit report for 10 years, but it will no longer
be considered a "derogatory" mark. This means that it will have a
less significant impact on your credit score.
Can you remove bankruptcy from your credit report early?
There are a few ways to remove bankruptcy from your credit report early:
How often can you file bankruptcy?
There are limits on how often you can file for bankruptcy. In most cases, you
must wait 8 years after filing for bankruptcy before you can file for Chapter
7 bankruptcy again. You must also wait 2 years after you filed for Chapter 7
bankruptcy before you can file for Chapter 13 bankruptcy again.
We offer a quick turnaround with fast bridging loans, and in some cases, we will approve and get you the finances you need in 24 hours.
Funding is provided for all manner of development needs, from light to heavy refurbishment or a complete development build.
A bridging loan can be a good way to stop yourself from falling into bankruptcy, giving you an urgent cash injection when needed.
Business finance can be obtained through bridging finance and can be used for a variety of purposes for your business.
Consolidate your debts into one monthly payment by using a bridging loan to bring your finances back into shape.
An unexpected tax bill could create a real strain on finances. Use bridging loans to pay your taxes.
A bridging loan can be used to take your mortgage out of arrears and stop the home from being repossessed in the process.
Our quick and easy bridging loan calculator can be used to easily identify repayments on a bridging loan with just a few clicks.
Bridging loans have risen to the forefront over the last 15 years, offering a dynamic solution to expedite buying a house.
Small Business loans come in a variety of formats and are tailored to specific sorts of enterprises and their needs. Contact us for help.
Business Address: Office Block 2, Kibworth Business Park, Kibworth Harcourt, Leicestershire, LE8 0EX
Telephone: 0116 366 6338
Email: contact@ukbridgingloans.uk
0116 366 6338
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