Many mainstream lenders won't consider an applicant with defaults in the past three years, whilst some have a zero tolerance approach to borrowers with defaults on their credit files. We know that hearing numerous high street banks say no at first glance can be disheartening; however, every lenders' criteria is different and rapidly changing.
Fortunately, there are a growing number of specialist lenders with an appetite for default mortgages. It's important to understand that the older your default is, the less impact it's likely to have on a decision. An unsatisfied default from three years ago will be less problematic than a default issued within the last 12 months. Of course, if you have a satisfied default, you will drastically boost your chances of getting a mortgage.
Today, fewer people fit the traditional 'vanilla' lending criteria of high street banks, highlighting the importance of the specialist lending sector. Mortgages can be complex at the best of times, but we know the default mortgage market inside out, and we specialise in finding solutions that work for financial situations like yours. Why play the waiting game when the right deal could be out there? We may already know of suitable lenders that are waiting to assess your eligibility on an individual basis, looking beyond your default or low credit score.Tell us about your situation
Defaults generally fall into two classifications: severe and
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The overall cost for comparison is 4.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.