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Default mortgages
Default Mortgages are the perfect solution to your problem if you are having
difficulty in finding a mortgage on the high street.
A defaulted account is where you have not kept to a credit agreement regulated
by the Consumer Credit Act 1974. The Default notice would have been served under
the Act, and registered on your credit file. This file will show the date that
you broke the relevant term of the credit agreement, the amount owed at the time
the term was broken (the default) and the amount still owed to that account.
These defaults can have a damaging effect on your ability to obtain credit.
Unlike
CCJs, which if settled within 28 days of the judgment are removed from your
credit file, defaults cannot be removed and
will sit on your file for six years since you broke the credit agreement. A
little unfair we think.
Many of the high street lenders use computers that assess your application
against statistical data- with no discretion. You either “ fit the box” or you
don’t! Historic defaulted accounts on a credit file will not fit a computer
program and the application would normally fail at the first hurdle.
As a whole of market
Mortgage Broker, specialising in
the more demanding area of the Mortage Market, we have access to lenders that
have a “can do” approach to lending.
Specialist lenders have a very different approach. They employ real people to assess an application for lending, real people who look for reasons to lend, rather than reasons not to lend, real people with discretion to consider each application on an individual basis. Many of these lenders are prepared to ignore defaults in certain circumstances, and as they have real people to talk to, default circumstances can often be explained and exceptions authorised on a case-by-case basis.
Call us today on 0800 316 5756 for experienced advice on the more difficult
mortgages.
The overall cost for comparison is 7.9% APR The actual rate available will depend upon your circumstances. Ask for a personalised illustration.