THERE are many mortgage myths but one common one is that you cannot get a mortgage if you have ever been declared bankrupt.

Wrong. Not only could you still go on to buy your own home with a mortgage, but you could do so a lot quicker than you think.

Just as your Credit Record shows your financial conduct over the last six years, most lenders require you to have been discharged from a bankruptcy for six years before they will consider you.

But there are some very, very good lenders who will not ask you to wait that long, as two delighted clients of mine discovered.

Unfortunately, the wife had previously run her own business and unwittingly ran into trouble.

Problems that began with some innocent accounting mistakes spiralled out of control to such a degree that she was forced to declare herself bankrupt and the couple had to sell the family home.

As you can imagine, this was a highly traumatic period for everyone concerned.

But just three years later they were collecting the keys to their own home again, helped by a sub-2% mortgage from Nottingham Building Society. Sadly rates have risen a lot since, but this was highly competitive at the time.

The Nottingham were not the only lender willing to work with them so soon, the likes of Nationwide and Skipton Building Society would also have listened – along with a host of specialist lenders.

And some would consider offering a mortgage LESS THAN 3 years from a bankruptcy discharge … though you should be prepared for their rates to be high to reflect the additional risk they are taking onboard.

But this particular case remains one of my favourites and there were a few tears at the other end of the phone when I delivered the good news of their mortgage being agreed, such was the emotional toll of the previous few years and the relief of know home ownership was back within reach.

Given the cost of living crisis we are all now enduring, the sad fact is that thousands of us will endure serious financial hardship, with many going on to record missed payments, defaults and, worst of all, bankruptcy.

But if you can get back on your feet financially, any dreams of owning your own home need not be out of reach.

So if you have had financial problems in the past and would like to discuss your chances of obtaining a mortgage, please feel free to get in touch.