Can I Get a Mortgage with Defaults? Yes, You Can.
So you have some defaults showing on your credit report, maybe as a result of the credit crunch back in 2008 or maybe you lost your job, suffered a drop in income or even a life changing event meant you couldn’t keep up with your credit commitments. We all know getting a mortgage is not easy with defaults showing on your credit report but does that mean you can’t get a mortgage at all? and should you be penalised forever?
We think not!!! and we have access to lenders who agree with us. Cam we help you? we will do our best and give you a decision quickly.
It makes sense that the lenders and rates available to you will depend on your personal situation and what is showing on your credit report. This is where Direct Mortgage Centre can help you get a mortgage with defaults. We will review your credit report lookingh for the information the banks will use to assess whether they can lend to you and on what basis. Once our review is complete we can let you know if we can help and the details of the mortgage.
Some banks operate on the basis of a tiered mortgage, so depending on the details in your credit report and your credit score with that level they will offer a mortgage which they feel is right based on the risk they are about to take on. This means that we may not know the exact rate you will be offered un til we have done an aplication, the good news is most of the applications in principle do not show on your credit report so you have nothinhg to lose.
Do you fit on to any of these areas;
- Any defaults at any time if under £250 – don’t need to be satisfied.
- defaults registered more than 2 years ago regardless of value – don’t need to be satisfied.
- defaults registered in the last 12 months if less than £1,500 – don’t need to be satisfied.
- Communications defaults (mobile phones) Ignored.
- Defaults registered more than 3 years ago, satisfied more than 6 months ago and under £500 = High Street Lenders
Get in touch and send us a copy of your experian or equifax report and we can tell you very quickly if we can help you.
For more information or to get a quote call one of our professional and experienced Mortgage Advisers on 01233 512012