Terms and Conditions

Loans for discharged bankrupt Homeowners.

If you have previously been registered as bankrupt then finding a loan can be very, very difficult even if you have now been discharged. Your options will be reduced considerably and most high street lenders will not have provisions to grant loans for previously discharged bankrupt homeowners.

Why will my options be reduced?

Your credit rating will have been affected by your bankruptcy and therefore you will be classed as a higher risk to a potential lender. This is not a reflection of your character just your payment profile, but is not the end of the world.

But I need a loan and cant get one!

The reason behind this is that one of the main issues a lender will be looking for when underwriting your application is if you will have the ability and intent to repay your loan once it has been granted. They will also need to look at what previously happened and why. They will also need to see how you will be able to meet financial commitments now. Most general lenders use a computer-based credit scoring system and the credit scoring systems they use cannot determine why you had previous problems, only the historical fact that you did.

The Good news

Not all lenders work the same way. There are specialist lenders that exist that have provisions to arrange loans for previously discharged bankrupt homeowners and Faster Finance can place you with them. They will review your application on an individual basis and often not use a credit scoring system to make their decision.

What makes these lenders different to others?

Their goal will to be to establish if granting a loan for you is an acceptable risk to them. They will review your application on an individual basis and often they will not use a credit scoring system to make a decision. This type of lender will work hard on building a relationship with you, having human underwriting decisions. This will mean that they will usually require a brief explanation as to why you became registered bankrupt.

What do I do next?

If you require a loan and are a discharged bankrupt homeowner then simply click on the “apply online” button below, this will take you to the Faster Finance online application form, complete it and submit it to us. Please remember that our job is to find a lender that will best suit your circumstances so it is very important that you be honest about any credit problems you have. This will help us speed up the process.

What will happen then?

The faster finance team will work on obtaining an approval in principle and you will be contacted shortly to discuss your application further.

To apply click here

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All loans are subject to status, written quotations are available on request. We also offer a range of plans where rates may differ from 7.3% APR variable to 29.9%APR variable according to your circumstances. However most of our clients qualify for a typical APR of 12.9% APR variable

Loans for discharged bankrupt Homeowners.

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.