A Mortgage With Defaults

Getting a mortgage with defaults is possible. If you have defaulted on your payments then your credit file will show these black marks. Mortgage lenders will do a credit check when they decide whether to lend you money or not.

Specialist lenders have products that are designed to mitigate their risk when lending to people that have had credit problems. These products will favour the lender more than the borrower. Depite this recent years has seen increasingly competitive mortgage for people with defaults on their credit file.

If you do have a very bad credit history or present do not expect to qualify for the best deals on the market. If you are buying and have defaults you will probably need a 15% deposit, and if you are remortgaging you may find that most deals you qualify for will have tie in periods with high interest rates and redemption penalties in the interim period. Do not let this phase you too much. Given 3 years of prompt and full mortgage repayments you will have repaired your credit a great deal and will probably be able to qualify for a prime mortgage on a market low interest rate.

Getting help and advice

If you are in the position where your credit is getting in the way of what you want to do you are not alone. Thousands of people are in the sames boat as you. Below are three ways to get help and advice to find a solution to your bad credit history. In time you will look back and your bad credit will be history. All you need is good advice and positive action.