Mortgages with Defaults

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Getting a mortgage after defaults

Having a poor credit record can make it feel like owning a property is an impossible dream – especially if you have defaulted on a finance plan before. But in fact some lenders may be happy to accept you as a customer. Home Financial can help you find a mortgage after defaults. 

Can I get a mortgage with a default?

If you have fallen behind with payments in the past you could have defaults on your credit score. This can cause many lenders to instantly reject you – but other lenders are more sympathetic. Finding a suitable lender will depend on the details of the default and your personal circumstances. 

Does the type of default make a difference in getting a mortgage?

The type of default can certainly make a big difference. A couple of missed payments on a phone bill or store card may not be as impacting as a default on a mortgage. When the default was registered is also a factor, as is whether you have settled the debt.

How much can I borrow if I have defaults?

People with a clean credit file can receive four to five times their income as a mortgage loan. Borrowers with a more colourful credit history can expect lenders to offer lower total and higher interest rates. It will really help approval and the rates offered if you can put down a good deposit towards the home. Most lenders would be happy to have you as a customer with a 25% deposit. In a complex borrowing situation such as a mortgage with defaults, it’s a good idea to talk to a broker. Home Financial can help you understand how much you might be able to borrow and what the monthly repayments will be, which is important in setting your property budget.

Can I get a mortgage with outstanding debt?

Some mortgage lenders are happy to take on customers with an adverse credit report. Some of them will also accept people who have outstanding debt. Whether you are approved will depend on the details of the debt, including the date the default was registered. What’s really important is that you can show the lender that your debt is under control and you are able to both pay it back and afford your mortgage payments. 

How soon after a default can I get a mortgage?

Defaults stay on your credit record for six years, after which they are deleted – even if the debt was not settled. Some people who have a large and severe default choose to wait until it disappears from their record before seeking a mortgage.  A less serious default from 3-6 years ago that has been repaid often won’t stop your mortgage approval. It is worth asking a mortgage advisor to help you find a specialist lender. Often the high street lenders are more cautious about taking on people with a default. Bear in mind that every mortgage application you make will appear on your record. Your credit rating can decrease if there are lots of applications in a short time, so seek mortgage advice to make sure approval is likely before you apply.  

How can a Mortgage Broker help?

Home Financial is a team of experienced Mortgage Brokers – it’s our job to help people find suitable mortgage deals. We work with clients with all kinds of mortgage requirements, so we know which lenders will accept defaults and other credit issues.  We’ll get to know you and your property plans and then compare products to help you choose the most suitable deal. We’ll also make sure you know all the pros and cons of the different mortgage types and that they are fully affordable. Once agreed, we’ll even apply for a mortgage on your behalf. Home Financial is authorised and regulated by the Financial Conduct Authority, and we have years of experience in exploring mortgage products and helping people achieve their property goals. Contact us today for clear, honest and professional advice.
Mortgages with Defaults

Ross from Home Financial NW has helped me through every step of the mortgage process over the last few months, a process made much more difficult owing to the fact I am self-employed. He has expertly guided me through every stage of my application and helped me to secure a mortgage for a new house. Throughout the last few months he has provided amazing expert advice in such a friendly way, it has made the entire process super easy and stress free! I would highly recommend Ross to anyone I know.

Mortgages with Defaults

Can honestly not recommend Ross Jones at homes financial enough, he’s been amazing our case was far from simple without the added issues from covid. He’s worked so hard to source us the best deal and to offer the best advice and guidance he could give, nothings been too much trouble. He fully guided us though the process supported ours decisions with data advice. Ross is Polite, professional, hard working, truthful and honest. Always quick responses to email and calls and goes that extra mile. I’ve already recommended Ross to multiple friends and family. He is an absolute credit to your team, thank you so much.

Mortgages with Defaults

Fabulous service! This our second time using home financial and wouldn’t go anywhere else. Ross is very knowledgeable and extremely supportive through the whole process. Huge thanks for all your help 🙂

Mortgages with Defaults

Ross and the team at Home Financial have been brilliant, can’t recommend them enough. They went above and beyond in explaining the process and putting us at ease. 5⭐

Mortgages with Defaults

A fantastic company to deal with Lindsey was amazing and went out of her way to answer our questions. She made the whole process easy and hassle free! Will continue using Lindsey and this company in the future.

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