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If you have had a bankruptcy or IVA against your name in the recent past, it can be hard to get any kind of mortgage. Bankruptcy orders are not just something that affect your day-to-day life, but also affect your future. Credit reference agencies keep your information on file for 6 years, and this can mean that you are refused by banks and high street lenders no matter how much money you are now earning. This is due to them interpreting your bankruptcy as a risk factor. In most cases, bankrupt applicants will be turned down without any other assessment of their ability to pay back the mortgage.
Although most banks and building societies will turn their backs on the bankrupt, there are specialist lenders who are able to offer deals to those who have suffered bankruptcy or IVAs. In order to meet the requirements for these loans, you must have discharged the bankruptcy notice against you, or the IVA must have expired. The current laws mean that bankrupts are now discharged after one year, allowing people who have suffered this ruling to get back on their feet.
IVA agreements will also prevent people from being accepted as borrowers for a loan. The IVA is a agreement between the debtors and their creditors that they will repay the debt in a number of years. Those who have had the IVA are generally classed in the same boat with bankrupts, even though they have never been declared bankrupt and have not suffered the same legal and financial penalties. It is only by being refused loans and mortgages that IVA parties will discover that their problems don't end with the final payments as agreed under the IVA.
If you need to get a mortgage after you have been declared bankrupt, then you need to focus upon three sources of loans. There are people known as introducers, who will research your background, and then point you in the direction of a lender who can help you. Brokers are similar to introducers, but tend to have more specialist backgrounds and can also offer you help and advice in getting the loan you need. Lenders are, of course, the people who offer you the mortgage. It can be a good idea sometimes to ask the lender for a loan directly, particularly if you have been rebuilding your credit history through their services. However, you should also be aware that you may need to talk to a specialist such as a broker in order to find a lender who is willing to offer you a mortgage with your bankruptcy history.