You should be able to get a new fix from your current lender

Of course during this period you also need to be fanatical about making sure all your credit cards and bills are paid on time. The last thing you want is a new late payment showing on your file…

Then talk to a broker

When you have saved your deposit up again and the defaults have got older, you need to talk to a mortgage broker.

Some high street lenders say they won’t consider a mortgage with defaults in the past three years. Some won’t lend to you at all with defaults you need to avoid applying to these lenders. A broker will be able to advise you at this point though you shouldn’t need to go to a bad credit broker.

Comments

Hi. Thank you for getting back to me. I hadn’t visited the property due to Covid 19. I had been living at another address during the pandemic and thought I wouldn’t need to set up a water account until I moved in as no water would be getting used whilst unoccupied.