Do you accept applications with mortgage defaults

Asked by acarroll

1 Answer

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
you will find that with some lenders if you have had a mortgage default that they will never accept you.

some will require 3 years clear and good payments since a default and some rarer ones just a year.

this is almost always regardless of the reason for the default as most lenders will expect you to have taken precautions to safeguard the mortgage such as some type of income/life/critical illness protection. although not compulsory with a mortgage, most lenders would expect a degree of responsibility from borrowers and expect that you try to protect all parties from the loan defaulting.

this is not meant in way to preach, but as a former mortgage underwriter i know what many lenders still tend to look for. | 01.07.11 @ 03:16
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$commenter.renderDisplayableName() — {comment} | 11.18.17 @ 13:54
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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