Occasionally we receive calls or emails from people asking “can I get a Mortgage with a default?”. As a general rule of thumb the answer will be yes, however it is not quite that simple.
Who is the best Mortgage lender if I have a Default?
The simple answer is that there is not a definitive answer.
We always ask 3 questions:
- When was/were the default(s) registered?
- What were they for? (ie credit cards, loans etc),
- Have the defaults been satisfied?
The answer to those will dictate the best Mortgage lenders available.
We have customers who have multiple defaults which we have managed to place on the high street at normal rates. But we also have customers with just 1 default who have had to go to a sub prime lender. It is not really a case of how much the defaults are for or how many you have, it is a combination of things and the devil is in the detail.
What should I do if I have a default?
Initially, do not worry. I have been obtaining Mortgages for customers with defaults since 2013.
Next – Call us! We can have a conversation and ask a few questions about your circumstances and the defaults. We can find out what you are hoping to achieve and then we can give you an idea of what rates might be available.