Getting a Mortgage with a Default

Credit Card Defaults Accepted.
Loan Defaults Accepted.
Mobile Phone Defaults Accepted.
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Getting a Mortgage with a Default

If you have a default registered against you this should not stop you from getting a mortgage.

We help clients arrange bad credit mortgages all the time.

So, What is a Default?

This is where you have not kept to the original terms of the credit agreement that you took out. We typically see a default has been registered when you are between 3-6 months in arears. We typically see defaults registered on:

  • Mobile Phone Contracts.
  • Credit Cards & Mail Order Catalogues.
  • Loans & Hire Purchase Agreements.
  • Mortgages & Secured Loans.

It is always best to try and satisfy the default where possible or at least come to some arrangement where you can catch up with the payments over a period of time.

Will the default show on my credit report and when will it fall off?

The two main credit agencies in England are Experian and Equifax. Lenders typically update these credit agencies every 30 days. First of all, the lender will notify the credit agencies of the missed payments you have had and then if the lender issues you with a default notice this will be updated accordingly. It will state the default amount, the default date and whether the default is unsatisfied or satisfied. Your credit report shows your data over the last 6 years, so once the registration date of the default is older than 6 years it will fall off your credit report. It is worth noting that although the default will then not show on your credit report you do still owe the money and lender can still chase you for it.

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Gary has been brilliant throughout the whole process. Very knowledgeable, helpful and efficient. The service provided as a whole, has been excellent, 10/10.