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Mortgage With Defaults
Are you looking for a mortgage with defaults on your credit file?
Stop searching and get in touch because this is what we specialise in!
We are experienced bad credit mortgage brokers with a wealth of knowledge in adverse lending, we have direct access to all sub prime and adverse lenders and speak with their underwriters regularly to get your mortgage accepted even if you have been turned down elsewhere.
We know our stuff and it wont cost you a penny if we cant help you.
Same day decision in principle available for urgent cases.
Our specialist mortgage advisors can help.
Mortgage With Defaults
We are experts in getting mortgages for people with defaults.
It can be tricky to secure a mortgage with defaults on your credit file, but there are a number of lenders who do accept bad credit, its down to your Mortgage Advisor to find the best one for your circumstances.
Even if you have recently missed payments that have resulted in a default or have multiple defaults on your credit file, we believe that we are your best chance of getting a mortgage because we have years of experience and are qualified specialists in this field.
Whether you are a first time buyer, a home mover, remortgaging your house for home improvements or remortgaging to consolidate debt we are here to find you a solution.
How We Can Help
As a specialist adverse credit mortgage broker we have worked with hundreds of customers to help them secure their mortgage even when they have defaults on their credit file. We work specifically with lenders who specialise in mortgages where a client has adverse credit.
There are a wide range of specialist lenders with specific eligibility criteria who may suit your circumstances.
If you are looking to apply for a mortgage with defaults our team at A Little Mortgage Advice will discuss your situation and advise you on the best solution for you to proceed with a mortgage.
Find out if you qualify by completing the form below.
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Why Choose A Little Mortgage Advice?
We are specialist independent advisors. This means that we work with all lenders and search the whole market to find you the correct mortgage product.
As a small independent company you will be speaking directly to a mortgage advisor. We dedicate the same time to every client.
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Can I get a mortgage with a default?
The answer is YES you can get a mortgage with a default or even multiple defaults, however it is advisable to use a specialist bad credit mortgage broker to improve the chance of your mortgage application being accepted and getting it accepted at the best interest rate for your circumstances.
In some cases it is possible to get a mortgage with a highstreet lender even with defaults. We will always explore this option in the first instance.
What does a Specialist Mortgage Broker Do?
A Specialist Mortgage Advisor will fully assess your credit report looking for the date any bad credit has been recorded, they will also look for the amount and check if the debt has been satisfied (paid off/cleared) or not.
Once your mortgage broker has identified any credit issues, they will then start to source the best mortgage lender for you, one who will accept your individual circumstances at the best rate available, this is a Financial Conduct Authority (F.C.A.) requirement.
This process is complicated, it takes a combination of knowledge, experience and a number of tools available to specialist brokers, each lender will have differing criteria when it comes to bad credit, it is definitely a job for an experienced specialist adverse mortgage broker who will approach the right lenders straight away. Not all advisors are specialist in bad credit, using an inexperienced mortgage broker could cause many more problems for you, including using a blanket approach, approaching lots of lenders in the hope that one will accept your mortgage application, this will result in your credit score getting lower because they will be running lots of credit searches in your name.
A bad credit mortgage broker may also be referred to as a poor credit mortgage broker or even an adverse credit mortgage broker.
What is a default on my credit report?
A default is the financial term that is used when a credit agreement has been broken and the lender closes your account, for example, you have entered into a mobile phone contract to pay an agreed amount every month for say 18 months, but during that time you miss payments. In the first instance the credit lender will record a missed payment on your credit report every time you miss a payment, once you have missed three to six payments the lender will issue a default notice that will be registered on your account. This can happen with any credit agreement you have, car, utility bill, catalogues, loans, overdrafts are just a few examples.
What happens when I get a default notice?
When a lender issues a default notice the amount you owe will become payable in full straight away, you can in some instances offer to pay monthly instalments, this is down to each individual lender whether they accept monthly payments, they are not obliged to.
If you can’t pay the full amount and the lender wont accept a monthly payment plan, they are likely to pass your debt over to a debt collection agency who will chase the debt on their behalf, this will undoubtedly incur further costs and if you still do not come to an agreement, the debt collection agency can then apply to the court to repossess the asset or issue a County Court Judgement.
How long does a default stay on my credit report?
A default will show up on your credit report for six years from the date that it was issued. It will affect your chances of getting any credit whilst it is visible on your credit report, including making it much harder to obtain a mortgage.