Mortgage With a Satisfied Default Good Range of Lenders Available
A satisfied default — where the outstanding debt has been paid in full — is viewed more favourably by mortgage lenders than an unsatisfied default. Lenders weight a satisfied default significantly differently to an outstanding one.
🏦 What Lenders Look At
- Date the default was registered and date satisfied
- The amount of the default
- The type of account that defaulted — mortgage defaults most serious
- Whether there are other defaults or adverse credit markers
- Deposit size and overall affordability
❓ Common Questions
Does paying off a default immediately improve my mortgage options?
Yes though the credit file update can take 4-8 weeks. Once showing as satisfied your mortgage options improve significantly.
Is a satisfied default the same as being removed?
No. Satisfying a default means the debt is paid — the default marker still shows for 6 years from the original default date.
What type of default is worst for a mortgage?
A mortgage default is viewed most seriously. Credit card and personal loan defaults are more manageable. Telecoms and utility defaults are generally the least serious.
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.