Remortgage with Default
Defaulted Credit accounts are a common reason for mortgage declines with many lenders; especially on the high street where generally only clean credit applicants are approved.
This how ever does not mean you are unable to get a remortgage. Although slightly more difficult to arrange there are several lenders who do allow for defaults when Remortgage clients from one lender to another.
Ultimately the right lender for you is dependent on many factors, including any defaulted credit against on your credit file. A specialist advisor will be able to let you know the lender that best suit your needs.
Some lenders specialise in low rates and lend to customers who do not have any credit issued registered against them, some specialise in helping self-employed people, others specialise in adverse credit applicants.
Most of the lenders that allow for defaulted accountants are not directly available to the customer and they, the customer, therefore generally have to use a mortgage broker to gain access to these products.
As with all products, even with the lenders that allow for defaults, there are some limitations to the product that you need to be aware of. For instance the date of issues, number and value of any defaults accounts can still affect your ability to obtain a mortgage. Whether or not the default(s) have been satisfied is also a consideration for some of these lenders.
The best way to know if you qualify for a mortgage with any of these specialist lenders is to speak to a qualified mortgage broker with access to the appropriate lenders. They will, after completing a comprehensive fact find, be able let you know the likely hood of being accepted and how much it is likely to cost you per month.
In summary there are a number of options still available to those people looking to remortgage with a default. Speak to a specialist bad credit mortgage advisor and they’ll be able to help you see the right choice for your situation.
Adverse credit shouldn’t hinder you from moving forward.