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Get a mortgage with defaults
Mortgages and defaults don't usually go together but there are an increasing number of homeowners and home buyers who have had missed payments on loans and credit cards who have had defaults registered and want a new mortgage or remortgage.
- Access to every sub prime mortgage lender
- Adverse mortgage specialist
- Upto 75% Loan to Value with Defaults
Obtaining a mortgage with defaults registered against you used to be very easy, a broker could simply apply to any adverse credit mortgage lender and, as long as the borrower could afford the deposit and fees, and they could afford the new mortgage they were pretty much guaranteed the mortgage would complete.
You may also be interest in a debt management plan
In today's market things aren't as straightforward, if you have defaults registered against you (maybe your on a debt management plan or have missed loan payments) and want a remortgage or mortgage (a mortgage with defaults) then you need to use a specialist mortgage broker who understands the lending criteria of adverse and sub prime mortgage lenders.
Can I still get a mortgage with defaults?
Yes - there are still lenders who will approve a mortgage with a default or defaults registered on your credit file.
One of the the key things when applying or enquiring about a mortgage that allows defaults is the mortgage loan to value, sub prime mortgage lenders at the moment are limiting any lending with defaults to a maximum of 80% which will mean a lot of people simply won't have enough deposit.
Borrowers wanting a remortgage or moving house should be in a slightly better position as they could have built up equity in their current property which will allow the 20 to 30% deposit required with lenders who allow defaults
Do I need a specialist bad credit mortgage broker?
We would have to say yes!
Put simply - in order to make sure any deal you are offered will complete with missed loan payments & defaults its best to use a bad credit mortgage specialist.
A specialist mortgage broker should be able to make sure any decision in principle obtained is from a lender that is actually lending and not operating on limited funds, which can mean the mortgage won't complete even if it fits the lenders underwriting criteria.They should also be able to let you now exactly what needs to be done in order to get you the best deal - for instance certain bad credit mortgage lenders (lenders that allow defaults) will insist on a title guarantee which may not always be possible from the property vendor - a specialist broker should know which lenders have requirements that do not fit your individual needs.
Can I apply for a mortgage with defaults today?
Absolutely, simply complete the form at the top of this page and one of our specialist brokers will call you back, they know which lenders will allow defaults and which won't - alternatively call 0845 094 2331 .now
