Importantly, but not, this doesn’t mean that you could get another type of mortgage that have people lender. You can violation first credit assessment with ease however you could still be refused pursuing the entry of a complete application because out of one thing called the Seekers Declaration.

New Seekers Declaration is actually a database which includes the details of everyone who’s got experienced bankruptcy proceeding in the uk. That it number has those individuals who have come released for more than 6 ages. So it report are featured from the loan providers nevertheless fundamentally is not removed into account in preliminary credit scoring procedure. This means that post-case of bankruptcy individuals will be initial approved to own a different mortgage before are declined due to the fact additional borrowing from the bank inspections high light the previous personal bankruptcy products.

It is extremely hard, this is why it is vital that all potential borrowers which possess a history of bankruptcy proceeding are aware of that it databases prior to they fill out a full financial application. Remember, you can still find lenders that will consider your software even after your past difficulties with bankruptcy proceeding therefore it is not always something to love. (more…)