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Bridging Loan To Avoid Bankruptcy

Those affected by bankruptcy often have questions regarding bankruptcy loans, bankruptcy mortgage applications, and general bankruptcy finance, both immediate and long-term.

Loans for people after bankruptcy do exist but are not necessarily the same as those for borrowers with a clean credit history.

If your application for bankruptcy is successful, all debt repayments are frozen, and monthly repayments are halted (unless you are declared able to continue paying a reduced amount). This may include your car, your home, and your general possessions, though there are restrictions to ensure those affected are not rendered homeless or unemployed.

Bankruptcy mortgage loans, personal loans with bankruptcy, and various types of secured loans can still be granted where extreme credit issues apply. Short-term financial solutions like bridging loans are also available, which can be useful for clearing debts, meeting urgent outgoings, or funding major purchases (like cars or homes). It simply means you need to target the appropriate lenders with your applications.

Personal loans issued on the basis of strong credit are more difficult to access, though they may not be entirely out of the question.


USE OUR ONLINE BRIDGING CALCULATOR

How to get a loan or mortgage after bankruptcy

The key to getting any kind of loan or mortgage after bankruptcy lies in seeking qualified expert support at the earliest possible stage. Rather than taking your business directly to any specific lender, it is far better to consult with an independent broker.

In doing so, you will access the impartial and objective advice you need to choose an appropriate way forward. In addition, your broker will be able to compare bankruptcy mortgage loans (and other types of loans) on your behalf with an extensive panel of specialist lenders.

Even if you have been turned down repeatedly elsewhere, there is every possibility that a reputable broker will help you find a competitive loan at a price you can afford. Importantly, exploring the available options with the help of a qualified broker can also protect your credit file from further damage, should any of your applications be unsuccessful.

If you are looking for help applying for a loan after bankruptcy or are simply interested in the available options, we are standing by to take your call. Contact a member of the team at UK Bridging Loans anytime for an obligation-free initial consultation.

How it works

get-in-touch
Get in touch

Clients approach UK Bridging Loans either directly or via introducers. Basic questions by way of a “fact-finding” process are used by UK Bridging Loans to determine if the lending requirements are a possibility.

home-valuation
Fast approval

An immediate yes or no answer is given, and if suitable, a quotation is formulated and forwarded to the client, usually by email.

fast-approval
Formal offer

A formal offer is produced for any client wishing to proceed and forwarded for signature, again, usually by email.

representative-visit
Representative visit

Each client is visited at the security address for the signature of the remaining loan paperwork, including a CH1 land registry charging order. We will also collect any additional pre-requested documentation.

underwriting
Dedicated underwriting

The signed documentation was immediately sent to our underwriters. Our model is based on very quick completions, as each deal is funded using all of our own money. On rare occasions, we may request additional information.

access-funds
Payment of funds

Average completion from initial acceptance to pay-out is usually just a few days. We rarely require valuations or additional legal representation. The land registry charge will be removed once the bridging loan is repaid.

Who can use bridging finance?

people

Age

The applicant could be too old to obtain a standard high-street mortgage, as most mortgage lenders now prevent borrowing beyond what is deemed “normal retirement age”.

property-condition

Property conditions

The property may be in a condition where it is not suitable for mortgage financing, and as such, a bridging loan could be used to complete the purchase and any required work prior to refinancing.

credit

Credit

The applicant may have had some adverse credit, however minor, which was previously acceptable to lenders but now no longer fits the high street lending criteria.

income

Income

The applicant may have difficulty proving the income requirements needed for more regular financing. This may be due to poor self-employment records, a break from work, a reduction in self-employed workloads, or overtime.

USP's

  • cloud Superfast completion, often within days
  • cloud Land, with or without planning
  • cloud 2nd charge (consent is not always required)
  • cloud Quick auction finance
  • cloud 3rd charge (consent is not always required)
  • cloud Adverse credit is considered
  • cloud 2nd charge behind the bridging lender
  • cloud 2nd charge behind the equity release lender
  • cloud Up to age 85
  • cloud Pure equity-based lending
  • cloud Residential and commercial
  • cloud Valuations are not always required
  • cloud Loans from £25,500
  • cloud A free legal option
  • cloud No monthly payments

Frequently asked questions

Is there a way to avoid bankruptcy?
Yes, there are several ways to avoid bankruptcy, including:

Does a bankruptcy ruin your credit?
Yes, bankruptcy can have a significant negative impact on your credit score. It will remain on your credit report for 7–10 years, and it can make it difficult to obtain loans, rent an apartment, or get a job. However, it is important to remember that bankruptcy is not the end of the world. You can rebuild your credit over time by making on-time payments on your debts, maintaining a low credit utilisation ratio, and avoiding additional debt.

How long does it take to rebuild your credit after bankruptcy?
It can take anywhere from 2 to 7 years to rebuild your credit after bankruptcy. The exact amount of time will depend on your credit history, your ability to make on-time payments, and your overall financial management.

Is it true that after 7 years, your credit is clear?
No, it is not true that your credit is completely clear after 7 years. Bankruptcy will still show up on your credit report for 10 years, but it will no longer be considered a "derogatory" mark. This means that it will have a less significant impact on your credit score.

Can you remove bankruptcy from your credit report early?
There are a few ways to remove bankruptcy from your credit report early:

How often can you file bankruptcy?
There are limits on how often you can file for bankruptcy. In most cases, you must wait 8 years after filing for bankruptcy before you can file for Chapter 7 bankruptcy again. You must also wait 2 years after you filed for Chapter 7 bankruptcy before you can file for Chapter 13 bankruptcy again.

Bridging loan uses

Contact Details

pinBusiness Address: Office Block 2, Kibworth Business Park, Kibworth Harcourt, Leicestershire, LE8 0EX

callTelephone:  0116 366 6338

Opening Hours

Mon-Thurs: 9am-8.30pm

Fri: 9am-5pm

Sat: 10am-5pm

Sun: 11am-5pm


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