Bankruptcy can stay on your credit file for up to seven years, but this doesn’t have to stop you from getting a home loan
Bankruptcy can happen for many reasons, many of which might not be your fault.
Unfortunately, your credit file doesn’t list the reasons behind your bankruptcy, meaning you could find it very difficult to get any sort of home loan even once you’re discharged.
Because these listings stay on your credit file for seven years, this can put your dreams of owning a home on hold.
Luckily, there are now a range of specialist lenders willing to offer home loans, some of which will consider borrowers who have been discharged from bankruptcy for as little as one day. While these can come with higher rates and fees, they’re an option to help you get into a home or refinance an existing loan without having to wait so long.