Debt Mediators Help You with Your Debt Problems

Can I get a HOUSING LOAN if I enter into a Debt Agreement or go Bankrupt?

This is a commonly asked question. The simple answer is YES but it requires an explanation.

For the next 7 years, your credit report with Baycorp is going to show you have entered into a debt agreement in order to repay your creditors. You would thus not fit the lending criteria for the banks, credit unions, building societies and other usual lenders. Fortunately, there are second tier lenders who are more than happy to lend to people who enter into a debt agreement and even those people who go bankrupt. Some of these lenders you may have heard of - Liberty Financial, Bluestone Mortgages, Pepper Home Loans, GE, to name but a few.

Mortgage brokers are familiar with these lenders.

At the start of the loan, you are normally required to pay a higher interest rate than the current variable rate. Once you have proved yourself a consistent and dependable payer, your interest rate is returned to the market rate.