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New Bankruptcy & IVA Exclusives

New Bankruptcy & IVA Exclusives
Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: May 27, 2022

I’m genuinely delighted to announce that many of OMA’s affiliated expert adverse credit mortgage brokers have been selected as part of an exclusive club of specialists, gaining access to an exclusive range of products.

This is great for brokers – even better for our borrowers, who may be finding us for the first time or are already under management, as many will be eligible far sooner than they ever thought possible! We have been helping people with a history of bankruptcy or  IVA for years now, but these new criteria improvements that have been in the pipeline for some time, now make it an incredible time for those looking to buy or remortgage.

So what’s new?

There are now new lenders offering refinance or purchase mortgages up to 75% LTV even if only discharged from Bankruptcy 1 year ago, or currently in an IVA. The amount of equity / deposit required for these products is now 20% to those 2 years discharged, 10% at 3 years, and 5% over 4 years.

Current issue 1 year discharge 2 year discharge 3 year discharge 4 year discharge 5 year discharge 6 year discharge
Bankruptcy Loan to repay only* 75% LTV 80% LTV 90% LTV 95% LTV 95% LTV 95% LTV
Debt Relief Order (DRO) Loan to repay only* 75% LTV 80% LTV 90% LTV 95% LTV 95% LTV 95% LTV
IVA 70% LTV 75% LTV 80% LTV 85% LTV 85% LTV 95% LTV 95% LTV

*It can be possible to mortgage whilst currently in bankruptcy, or before 1 years full discharge, however this relates only to those who have the equity in their property to full repay and annul the order. This is usually capped at around 70% LTV. More on this in our bankruptcy article here.

**The actual offer of a mortgage will depend on an individuals status and circumstances.

Check if you Qualify

Click here to complete the enquiry form, and one of the experts will review your application and let you know!

Bear in mind that this will initially simply facilitate a check on whether you meet the standard criteria for these lenders prior to underwriting. This is not a quote or a mortgage application.

Other important criteria accepted

  • Current mortgage arrears
  • Recent defaults and Late payments on unsecured debt
  • Recent CCJs accepted
  • Payday loans accepted if over 12 months old

Want to apply before you’re eligible? Not a problem!

As part of the arrangement, so long as you are eligible before you complete on the mortgage, you can apply early! This means that borrowers who are, for example, 9 months after discharge on a bankruptcy, can apply today with just 30% deposit, on the basis that their transaction doesn’t complete until the full 12 months is up.

Other benefits

As part of the exclusive club, OMA affiliated brokers will have access to dedicated senior underwriting and processing support and enhanced service, to ensure a smooth and swift application.

Want to check if you’re eligible?

Make an enquiry by giving us a call on 0808 189 2301, or completing our enquiry form here

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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