With the growing number of lenders catering for sub-prime, adverse credit and clients in financial difficulty there is one area of debt that has not been covered until now. Traditionally anyone declared bankrupt has been given short shrift by lenders, though that may change with the introduction of an exclusive deal aimed at people who are bankrupt, or considering declaring bankruptcy.

Finance Now can arrange for specialist solicitors to work with you and your creditors to arrange a legally binding loan agreement in the courts to satisfy the claims of the creditors and effectively nullify the bankruptcy. The solicitors charge a fee of £795 for this service, which includes the court charges and barrister’s fees.

At the same time Finance Now will arrange a mortgage with a specialist bad-credit lender to complete immediately after the debt agreement has been confirmed. The terms of the mortgage will include:

• Maximum of 85% loan to value
• Three-year tie-in with a 12 month discounted rate
• Interest rates will vary according to individual cases
• There will be additional charges related specifically to the mortgage, not the creditors’ agreement, such as survey and lender arrangement fees which you should also budget for.

This type of mortgage may not be suitable for all borrowers who are bankrupt or considering declaring bankruptcy. It should also be remembered that a 15% deposit is required for this product. You are also tied in for a further two years after the discount period ends after 12 months, so you should ensure that you can afford the increased monthly repayments. This product is one that should not be entered into lightly, therefore you should always consult an expert before taking this step forward.

To discuss this exclusive deal with one of our Mortgage Consultants call us free on 08001 383416, complete our mortgage enquiry form or e-mail enquiries@freshstartonline.co.uk.