I've got 3 defaults from 2010, 2011 and one about to be satisfied. Is it possible to get a mortgage?

Posted on 29 April 2013 by Joanne


I have 3 default notices on my credit history, one from 2010, one from 2011 and one more recenlty which is about to be satisfied. Will it be impossible to get a Mortgage with this type of history?

Joanne,

It won't be imposible to get a mortgage, but one of the major deciding factors will be the loan to value (LTV). If you are looking at, say 75% or less then there is a far higher chance of sucessfully obtaining the mortgage you need, than at LTV's above 75%. Also your income will come into it, as if you are looking for a stretch on this, it also will hamper the level of mortgage lenders are likely to consider.

Whilst it will be more difficult to get a mortgage where you've had adverse credit, there are lenders in the market who manually underwrite and can therefore judge each case on its individual merits, rather than trot out "the computor says no!"

If you'd like to see what your options are, then please let me know and I'll arrange for you to talk to one of them.

Regards,

Alistair

contact@johncharcol.co.uk

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