If you were applying for a mortgage with a high street lender and you had defaults on your credit file, there’s a strong possibility that you will face rejection. This is because many lenders on the high street will generally only provide you with a mortgage if you have a squeaky clean credit score.
But we understand that life is full of unexpected twists and turns, which can result in your credit score being negatively impacted. You may have faced financial difficulty, got yourself into some debt and before you know it, your credit score has been seriously damaged.
Whatever your past holds, we are not here to judge – we are here to help provide you with the ideal mortgage that is most suitable for your individual needs. Already, we’ve helped lots of people that have been declined a mortgage due to defaults on their credit score and we can help you too. Even if your circumstances are not so straight-forward, from having bad credit, to being self-employed.
We have access to over 50 lenders all across the country that are ready and waiting to help you secure your ideal mortgage. We work with those providers in order to find you the best mortgages available from each one.
Can I Get A Mortgage with A Default?
The good news is, mortgages with defaults are within reach for individuals with specialist circumstances. The market for adverse credit lending has grown significantly since the credit crunch and some lenders continue to relax their pass level requirements as things continue to develop.
However, it doesn’t necessarily mean that it will be a breeze getting approval for mortgages with defaults. There’s still some work to do, but the process can be made a lot smoother when you seek the help of specialist mortgage advisors that know the market inside out and know what is required in order to get your application approved.
How To Get A Mortgage with Defaults
In order to give you the best chance of success when it comes to mortgages with defaults, there are certain things you can do yourself in order to boost your chances.
Firstly, Find Out What’s On Your Credit Files
To give yourself a good chance of being accepted when it comes to mortgages with defaults, you need to be able to know what the current state of your credit file is like. In order to provide you with the most useful and relevant advice, we need to have a good understanding of your current position, so we can establish the most suitable lenders for you. That’s why we stress the importance of seeking advice from specialists who know what they are doing.
The best way you can see the status of your credit file is by utilising a credit report service such as Noddle, Experian or ClearScore. It can be significantly beneficial if you use more than one, as each lender uses a different reference agency and if you have had bad credit, the reports will look very different. Once you have them, you should have the reports ready to send to your advisor.
Three, Simple Steps To Your New Mortgage
When you’ve compiled all your information ready to show to your advisor, the next step is to make an application or enquiry and one of our friendly advisors will contact you shortly. Once we’ve been in touch, all you need to do is send us the documents we require and you will receive a Decision in Principle from one of our lending panels – it really is that simple!
Save Yourself The Time and Hassle – Let Us Lend A Hand
Getting a mortgage if you have other credit issues as well defaults can make things even harder for you and will impact the lenders that’ll consider you, the rate, fees, and the loan to value.
Mortgages with defaults aren’t easy to obtain on your own. But with expert help and guidance from advisors that know the market inside-out, you can save yourself the time and hassle of trying to find the right mortgage for you. Not all mortgage and protection products are the same and we understand the differences in order to help you find the perfect product.
So what are you waiting for? Give us a call today if defaults are stopping you from securing a mortgage.
Get A Mortgage With Regal in 3 Easy Steps
Complete an enquiry form and an advisor will call you back.
Send us the documents we need.
Receive a Decision in Principle from one of our lending panel.