Mortgage With an Old Default Your Options Are Strong
A default from 3 or more years ago is in the most manageable zone for mortgage purposes. At this age specialist lenders will compete for your business. By the time a default is 3+ years old Darryl typically has multiple lenders to approach on your behalf.
🏦 What Lenders Look At
- Age of the default — 3, 4 and 5 year thresholds each improve your options
- Whether the default is satisfied
- The amount — old small defaults carry very little weight
- Overall credit behaviour since the default
- Deposit size — 10-15% usually sufficient for older defaults
❓ Common Questions
Is a 3-year-old default a significant issue?
It is a consideration but far from a barrier. Most specialist lenders have favourable criteria for defaults over 3 years old with a 10-15% deposit.
Can I get a mortgage with a 5-year-old default?
Yes with good options available. A 5-year-old default is close to the 6-year point when it drops off. Many specialist lenders will price your case close to their standard rates.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
This page is for general information only and does not constitute regulated financial advice. The Mortgage Geezer is a trading style of Access Financial Services Ltd who are authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 301173. Registered in England No. 04427489. Registered office address Access Financial Services Ltd, Unit 1 Furtho Court, Towcester Road, Old Stratford, Milton Keynes, MK19 6AN.