1st Mortgage Brokers

 speak to a mortgage advisor now on 08456 44 88 23   

Can I get a mortgage with defaults

If you have at least one default that was registered over 1 year ago you will need a minimum 10% deposit

If you have defaults registered within the last 1 year, you will need a minimum 15% deposit. If you are self employed you will need a minimum 20% deposit.

Please phone to discuss your situation.

Defaults on your credit file

A default is registered on your credit file when a credit agreement has fallen behind by a number of months. The creditor should send a default notice to you. This is their official warning that the agreement has not been kept. If the recipient ignores this letter then the creditor may take legal action to recover the debt.

A default notice will always be issued if the credit agreement is regulated by the Consumer Credit act.

Upon receipt of a default notice you should contact the creditor concerned and come to an arrangement that is mutually acceptable.

When your repay the credit agreement your credit account will be updated to show that it is now up to date.

A record of the default is kept on your credit file for six years from the date of of default and could potentially affect the availability of a mortgage during that time.

After 6 years, the record of default should disappear from your credit file and it should no longer affect your credit worthiness.

We can arrange mortgages for people with defaults. You will need a minimum deposit of 10%, possibly more depending on the number of defaults, the value concerned and when they were registered.

The larger the deposit you have the lower the mortgage interest rate you are likely to be offered.