mortgages for bankrupts repossessions and right to buy

Mortgages for Bankrupts was set up to deal with individuals who either are bankrupt or have recently been discharged from bankruptcy and wish to buy back from the Trustee their interest in their home. We also help those former bankrupts who need a mortgage to buy a new property.

Why is this important to you if you have either just been made bankrupt, or received your discharge recently?

When a person is made bankrupt, the financial stake they have in their home, referred to as the person’s "interest", lies with a Trustee. In order to realise the value of the home (to release the equity or liquidate the asset) the Trustee must either sell the interest back to the bankrupt or take steps to repossess the property if the individual is not in a position to purchase. Under current legislation, the Trustee must do this within three years of the individual being declared bankrupt.

In the past, Trustees often sat on properties for years without realising their interest, which meant that the bankrupt was able to stay in the property. However, legislation introduced in April 2004 requires the Trustee to act within three years; if he does not, he will lose all rights over your property.

The result of this new legislation is that Trustees in bankruptcy are acting much faster than before and the bankrupt, therefore, must find a way to finance the purchase of his interest from the Trustee if he is not to lose his home.

How can Mortgages for Bankrupts help me?

Our aim at Mortgages for Bankrupts is to help individuals who are facing bankruptcy or who have been made bankrupt to in their homes, or to purchase a new property. It is a fact that bankruptcy has an adverse impact on your credit rating, however we can help in two ways:

We can negotiate directly with your Trustee to buy back your interest in your home.
We can help you to access those lenders prepared to advance monies to discharged and undischarged bankrupts.

Whatever your circumstances, even if you always had a bad credit history, we may still be able to help.