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Getting a mortgage with a default is possible, but finding the right lender is no mean feat. Luckily, the team at CLS Money have years of experience in securing mortgage deals for clients, who have previously failed to meet the obligations of a loan or finance agreement.
If you have missed payments, such as failing to pay a succession of bills from a utility company or missing one or more mortgage payments, the account holder can choose to close down your agreement with them, otherwise known as a default.
It can happen for a number of reasons, some of which are out of your control. But, the main thing is it will almost certainly leave a lasting mark on your credit file, even if it’s been marked as ‘satisfied’, which unfortunately means mortgage companies will be less inclined to lend to you, if you want to purchase a home or remortgage your existing property.
When it comes to getting a mortgage with a default, it’s vital to ask for help and advice before you start speaking to mortgage providers. Heading straight to the nearest High Street lender will most likely result in disappointment, as these organisations often have strict lending criteria and are less willing to consider those with a poor credit history.
Our mortgage brokers have access to a wide range of mortgage providers, including those who specialise in mortgages for customers with defaults, and will be able to point you in the direction of a lender who is less likely to decline your application. We can also help you put together an application that ticks all the right boxes and maximises your chances of being approved.
3 simple steps to getting a mortgage with bad credit
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