Hi Glenn - and great news about the mortgage.

Commercial Lending is outside my area of expertise I'm afraid. I would suggest your own bank would be a good place to start. It would also be a good idea to approach an accountancy firm as they will have a lot of experience of businesses of all kinds.

Louise

Hi Tim/Louise,

Just to let you know I have been offered a mortgage with G-Mac at a fixed rate of 6.04% (only downfall is the 6% redemption) Anyway, proves there is still hope for people in my situation.

One other thing guys....Are you aware of any lenders that will consider us for a commercial loan for an exisitng business or indeed who I can turn to for an initial consultation??

Thanks and again hoping for some sound advice!!!

Glenn

It's a pleasure - and as Tim said, good luck and let us know how you get on.

Lou

Thanks Louise, my wife and I really appreciate your advice and I will now speak to a mortgage adviser with confidence!!

Hello - Tim's colleague here!

There will be a choice of Lenders that are happy to lend as soon as a bankruptcy is discharged - but they will take all other factors into consideration such as stability of employment, any other credit problems (mortgage/loan arrears) etc...There are some fairly competitive initial rates on offer (starting at just over 5%). However, most products will have an extended redemption penalty AFTER the end of the initial discounted rate.

Some Lenders to consider are Mortgages plc; Kensington; Southern Pacific and iGroup, but I would really recommend taking advice from a mortgage professional.

Louise

Thanks for your advice!

Hi gse5773,

You have an issue here. All the lenders can see your personal bankruptcy in your credit report and so will be very wary. In their minds, you have been bankrupt once, and so have the propensity to do it again - please note I said in 'their' minds! I know that you are getting yourself back on your feet and have no plans to ever go bankrupt again, but they see things differently. As such, they 'price for risk'. Where they believe that there is a chance that they could lose their money, they increase their price to mitigate the risk.

The only piece of advice I can give for car finance, is to make sure its Hire Purchase. With HP, the loan is secured on the car and so the lender has the asset to take back should anybody default on the payment. This means that 'normally' their rates are lower than where there is no security e.g. personal loan etc.

I'll get my colleague Louise Cummings to answer your question on mortgages.

Please let me know how you get on.

Tim Moss

Hi There....My wife and I are about to be released from a 1-Year personal bankruptcy and are keen to jump straight back into a mortgage and possibly a car finance arrangement for a new business we are about to start. Where can I find info on suitable lenders who would look at such a case (if any) as all i can find online is people that are looking to profit with unfair rates and over inflated charges....I earn around 50/60k pa and will have no other credit arrangements. Please Help!!!!