What Is a Default?
A default is when you are unable to meet the agreed legal requirements when undertaking a loan. A default can be given in various areas such as on phone contracts or small loans. Sever defaults are often found in mortgages, where the borrower is unable to pay off their loan or continuously misses deadlines for payment. You are not automatically declared in default through late payment of a mortgage, however, continous inability to make payments after two or three months could put you in default depending on the mortgage lender's agreements.
Can a Default Affect Getting a Mortgage?
A default can easily influence your accessibility to a mortgage as it will affect your credit score which is recorded on your credit files. A low credit score immediately informs lenders whether you are unreliable with repaying debts and as a result mortgage brokers are less likely to offer their services. Defaults remain on your credit file and the severity of a default can range widely. While a dafult on a mobile phone bill is less severe, bridging loan defaults or previous morgatge defaults are considered to be high in severity and as a result can seriously hinder your validity with mortage loaners.
What is a Court County Judgement? (CCJ)
A Court County Judgement (CCJ) is a legal court order that can be filed against someone who doesn't repay a loan or money they owe, after receiving a default warning. If you receive a CCJ, it is recommendable to seek help from a relable advisory source such as Mortgage Force West Midlands, who can carefully advise you on what actions to take depending on your personal situation. As a flexible and efficient company, who care for the individual needs of their customers, Morgatge Force West Midlands work with you to find the best response to deal with your default and avoid any further action, while also helping to work towards regaining your credit file in order to increase eligibility for a mortgage in the future.
Can I Get a Mortgage With a Default or Court County Judgement?
Many companies offer mortages with defaults and CCJs. It varies on the company's desired policies and requirements, however there are many specific firms that focus souly on those looking for a mortgage with a default. Before applying, it is useful to note what is exactly on your credit files and to review the reports and criteria. Mortage Force West Midlands is a trusted morgtage broker that helps those unsure on whether they qualify for a mortgage; they offer specific help and advice in order to restore your credit score. Mortgage Force West Midlands take pride in their relationships with customers and provide the best products with an accurate and unbiased opinion, that is precise to the need of their customer. With a determined and deciated team, you can ensure Mortgage Force West Midlands will provide a caring service that will help you find your new home free of stress.
Contact our team today via phone 08006226883 or email benh@mortgageforce.co.uk
