Your guide on getting a Mortgage with a Default. Read below about how much deposit you need and what are the maximum limits on past defaults.
The good news is I specialist in mortgages for customers with defaults on their credit file. The bad news is it really does depend on your affordability and the level of deposit you want to put down to get a Mortgage with a default.
If you want to use a Help to Buy scheme the answer will be a straight ‘no’, however if you came to me and you said you want a conventional mortgage with a 15 or 20% deposit with good income, then there is a fair chance that we can help you.
The general sweet spot for getting a mortgage with bad credit, including defaults, is if it has taken place over two years ago. That’s because of how many of the current specialist mortgage lenders finance their own borrowing.
The below chart give you an idea of the level of deposit needed to get you a mortgage with past defaults:
Quick guide to Mortgage with a default – Registered in the last 2 years
We have a number of lenders that will consider defaults registered over 2 years ago. This table below concentrates on those that have occurred in the last 24 months.
| Registered | Number of defaults | Amount (£s) | Deposit / Equity size |
| In last 3 months | 1 | Any | 20% |
| In last 3 months | Any | Any | 40% |
| 12 months ago | 2 | Any | 15% |
| 12 months ago | Any | Any | 25% |
| 24 months ago | Any | Any | 15% |
We are one of the Uks leading brokers and have helped many clients get a Mortgage with a default. We do not charge any upfront fees as we believe in delivering on what we promote before asking our clients to commit financially.
To find our more on obtaining a Mortgage with a default please complete the contact form on this website or call us on 0207 993 2044.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
