Beacon Mortgage Solutions Offers Affordable Home Loans for Discharged Bankrupt Borrowers

Following a sharp rise in personal bankruptcies, specialist mortgage broker Beacon Mortgage Solutions is stepping up its services for Discharged Bankrupt homebuyers. Figures released last month (August 2006) by the Department of Constitutional Affairs show that there were 22,380 personal insolvencies in the second quarter of this year, 48 per cent more than in the same period a year earlier. Nearly 70,000 discharged bankrupts were reported in England and Wales last year.

Eastbourne, East Sussex, United Kingdom (PRWEB) September 4, 2006 -- Following a sharp rise in personal bankruptcies, specialist mortgage broker Beacon Mortgage Solutions(http://www.beaconmortgagesolutions.com) is stepping up its services for homebuyers with debt problems.

“Latest government figures show a sharp rise in personal insolvencies,” says Beacon director David Piper, “but just because someone is a discharged bankrupt doesn’t mean they can’t get a home loan – it’s just a question of how much more they have to pay for the privilege.”

Figures released last month (August 2006) by the Department of Constitutional Affairs show that there were 22,380 personal insolvencies in the second quarter of this year, 48 per cent more than in the same period a year earlier.

Nearly 70,000 discharged bankrupts were reported in England and Wales last year, but Piper predicts that figure is likely to be much higher in 2006.

“A combination of easily-available credit, and more of it, coupled with changes to the bankruptcy laws, has exacerbated the problem,” he says. “Interest rate rises are only going to make the situation worse.”

And it’s not just a discharged bankrupt who can find it difficult to take out a home loan. Consumers with a history of mortgage arrears or late credit repayments, and those who have County Court Judgments (CCJs) against them can also run into problems.

“It is important not to approach lenders direct,” says Piper. “Many will reject a discharged bankrupt out of hand, and every rejection further diminishes your credit rating.

“Specialist brokers such as Beacon Mortgage Solutions
(http://www.beaconmortgagesolutions.com) know which lenders are most likely to consider applicants with what is known in the trade as ‘adverse credit’, and those which offer the most advantageous interest rates.

“We have more than 50 years’ experience in the market, and our experts have helped many thousands of people obtain affordable home loans.”

Eastbourne-based Beacon Mortgage Solutions is an appointed representative of Mortgage Next Network Limited, which is authorised and regulated by the Financial Services Authority. Contact 0800 161 3321 for further information.

Mortgage Next Network Limited is one of the largest mortgage distribution companies in the UK – in the 2005/06 financial year it completed around £4 billions’ worth of mortgage business – and is entered on the Financial Services Agency register (http://www.fsa.gov.uk) under reference 300886.

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