Getting a Mortgage with a Default

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after a default today.

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Getting a Mortgage with a Default

If you’ve had a default on any financial commitment in the past, this could impact your chances to get a mortgage, even if the default was very small. Defaulting can happen for many reasons such as:

  • Simply forgetting to make a payment 
  • Travelling abroad 
  • Long-term sickness or stress
  • A sudden change of income or change of job

Defaults will stay on your credit report for six years, but Harmony FS can help to find you a mortgage lender who is willing to lend even if you’ve had more severe defaults in the past.

At Harmony FS, we want to get people from all backgrounds to get on the property ladder. We help you by:

  • Offering personally tailored, jargon-free advice
  • Access to the whole of the market to help you find the right lender
  • An easily accessible city-centre office in Nottingham
  • A flexible contact and meeting times to suit you

Get in touch using the form or drop us a phone call on 0115 896 9776.

What is a Default?

A default is when you’ve missed payments on a bill, such as an internet, phone, utilities, mortgage, or credit card, normally over a few months. 

As a result, the default leaves a mark on your credit rating. Future lenders look at this to see whether you meet their criteria for lending. A default can occur on amounts of a few pounds to thousands. Once a default has occurred, it stays on your credit file for six years, which means that it can be harder to get good rates for loans, credit cards, and mortgages.

How to Improve Your Chances of Getting a Mortgage with a Default

Before you start considering getting a mortgage, download a copy of your credit report. This can help you to see where and what you have defaulted on in the past. If there are any inaccuracies, you can approach the lenders to get these fixed to improve your credit rating.

Next, you can speak to an experienced mortgage advisor who deals with bad credit on a regular basis. They can talk you through which mortgage lenders are most likely to lend, taking your defaults into account.

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