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Financial Services > Mortgages > Bad Credit Mortgages > Mortgages Following Business Bankruptcy
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Mortgages Following Business Bankruptcy

How business bankruptcy can affect personal credit ratings and personal assets depends on how the company has been set up and whether there are personal guarantees and how liabilities may be secured.

Bankruptcy does enable the debtor to make a fresh start once the bankruptcy has been discharged however there are restrictions while the order is force and the fact that has been a past bankruptcy will always remain on record.

Declaring bankruptcy is often a last resort when all other possibilities have been ruled out however the options and the processes vary depending on whether the business is a limited company, a partnership, or is run by a sole trader. The long term effects could be significant on a personal level as well as from the point of view of the business and setting up companies in the future, so it is always a good idea to seek professional advice at the earliest opportunity to make sure all options have been fully explored.

For those who have experienced a business bankruptcy in the past, applying for a mortgage can be difficult and frustrating. Some lenders may try to take advantage of applicants in this situation as they know that the loan options are limited. Sometimes these lenders will charge high fees, extensive pre-payment penalties on the home or ask for a fee upfront to process the loan.

However, fair deals on mortgages and re-mortgages are available for individuals with a history of credit problems or bankruptcies and our specialist mortgage advisers are experienced in finding the right mortgage for anyone in this situation. If you would like us to help you to find the best deal available for you or for help and advice, please use our Mortgage Enquiry Form below and one of our experts will contact you. Alternatively, you can give us a call on .

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