MORTGAGES WITH SEQUESTRATION IN SCOTLAND
Mortgages with a sequestration bankruptcy history in Scotland, competitive interest. Having a sequestration, trust deed or decree set against you does not prevent you from obtaining a mortgage in Scotland.
At Scotland Mortgages, we know mortgage brokers and advisors who can arrange mortgages for people who have a previous sequestration order and adverse credit history. These mortgage brokers can arrange mortgages for people with adverse and poor credit histories, Decrees (CCJs), Trust Deeds (IVA – Individual Voluntary Arrangements) and Previous Sequestration (Bankruptcy).
Sequestration is the term used in Scotland for the process which is known as bankruptcy in the rest of the UK.
The sequestration process begins with a petition to the Sheriff’s Court and then a Trustee is appointed by the court to handle your case. The Trustee arranges the sale or transfer of your assets (e.g. your house, car, investments, etc) with the aim of paying money to your creditors.
If someone has been the subject of a sequestration in Scotland, they will often find it impossible to obtain a mortgage from a mainstream high street mortgage lender, even once the sequestration is at an end. But, if you have been involved in a sequestration in the past and now require a mortgage or remortgage, there are some specialist lenders will consider your case more favourably. Often the best way to find out which lenders are able to offer mortgages with sequestration in Scotland is to talk to a qualified mortgage broker such as the ones we work with.
If you are facing the prospect of sequestration, then a mortgage might also be a way that you can avoid sequestration altogether. If you have sufficient equity in your existing property, you may be able to arrange a remortgage to raise additional cash, pay off your creditors, and hence avoid having to go down the route of sequestration or bankruptcy.
As with bankruptcy, there are a number of disadvantages to sequestration. You will probably be forced to sell your home and move to rented accommodation. All your valuable possessions such as cars, antiques, jewellery, etc will be likely to be sold by the Trustee. Until you are discharged from sequestration, it will be illegal for you to borrow more than £250 unless you inform the lender that you are an undischarged bankrupt. Your sequestration will be recorded on your credit file and you will therefore be likely to have problems obtaining a mortgage or other forms of credit even once your sequestration has ended.
So, if you have been subject to a sequestration in the past and now require a mortgage in Scotland, or if you are facing the threat of sequestration and want to know if a remortgage can help you avoid sequestration, then simply fill in our online enquiry form. We will then pass your details to a qualified mortgage consultant who will contact you to see how they can help you.
Mortgages with a sequestration bankruptcy history in Scotland, competitive interest. Having a sequestration, trust deed or decree set against you does not prevent you from obtaining a mortgage in Scotland.
At Scotland Mortgages, we know mortgage brokers and advisors who can arrange mortgages for people who have a previous sequestration order and adverse credit history. These mortgage brokers can arrange mortgages for people with adverse and poor credit histories, Decrees (CCJs), Trust Deeds (IVA – Individual Voluntary Arrangements) and Previous Sequestration (Bankruptcy).
Sequestration is the term used in Scotland for the process which is known as bankruptcy in the rest of the UK.
The sequestration process begins with a petition to the Sheriff’s Court and then a Trustee is appointed by the court to handle your case. The Trustee arranges the sale or transfer of your assets (e.g. your house, car, investments, etc) with the aim of paying money to your creditors.
If someone has been the subject of a sequestration in Scotland, they will often find it impossible to obtain a mortgage from a mainstream high street mortgage lender, even once the sequestration is at an end. But, if you have been involved in a sequestration in the past and now require a mortgage or remortgage, there are some specialist lenders will consider your case more favourably. Often the best way to find out which lenders are able to offer mortgages with sequestration in Scotland is to talk to a qualified mortgage broker such as the ones we work with.
If you are facing the prospect of sequestration, then a mortgage might also be a way that you can avoid sequestration altogether. If you have sufficient equity in your existing property, you may be able to arrange a remortgage to raise additional cash, pay off your creditors, and hence avoid having to go down the route of sequestration or bankruptcy.
As with bankruptcy, there are a number of disadvantages to sequestration. You will probably be forced to sell your home and move to rented accommodation. All your valuable possessions such as cars, antiques, jewellery, etc will be likely to be sold by the Trustee. Until you are discharged from sequestration, it will be illegal for you to borrow more than £250 unless you inform the lender that you are an undischarged bankrupt. Your sequestration will be recorded on your credit file and you will therefore be likely to have problems obtaining a mortgage or other forms of credit even once your sequestration has ended.
So, if you have been subject to a sequestration in the past and now require a mortgage in Scotland, or if you are facing the threat of sequestration and want to know if a remortgage can help you avoid sequestration, then simply fill in our online enquiry form. We will then pass your details to a qualified mortgage consultant who will contact you to see how they can help you.
