Our Customers rate us 4.6 out of 5
Your expert mortgage advisor for low credit scores & defaults.
Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
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Useful links to begin your Bad Credit Mortgage Journey
First Time Buyers
Being a first-time buyer can be scary, especially when you have bad credit. Our specialist mortgage advisors are here to show you the way.
Shared Ownership
Looking to get shared ownership mortgages with bad credit? Our mortgage advisors are here to help you secure the right product for your needs
Bankruptcy
Getting a mortgage after bankruptcy can be difficult, but the property ladder is within your reach. Talk to our expert mortgage advisors today.
Low Credit Score
Feeling low about your low credit score? The right mortgage for you is just around the corner. Our expert advisors are here to help you find it.
Navigating Mortgage Solutions with Confidence Despite Defaults
Defaults on your credit report can be seen as red flags to mortgage lenders, warning them of your inability to repay your debts previously. If you have defaults on your credit file, you will no doubt be concerned that the mortgage options available to you will be small. Whilst mortgage applications with defaults will need to be carefully considered, there are steps you can take to boost your chances of success. We’re here to help!
Defaults or no defaults, the mortgage process doesn’t have to be confusing or frightening. When the Bank Says No is a team of specialist bad credit mortgage advisors, ready to equip you with personalised mortgage advice and access to adverse credit mortgage lenders who can help you achieve your home-owning ambitions by securing a mortgage with a default against your name.
We're on your side.
Life can be complicated, and if you’ve got or have had any financial complications, these will be recorded in your credit report and will be picked up by any of the main credit reference agencies. If you’ve defaulted on previous loans, it’s easy to panic and assume there will be no mortgage options available to you.
When the Bank Says No is committed to helping those in more difficult financial circumstances navigate mortgage applications. Whatever the circumstances of your default, or even multiple defaults, our friendly mortgage broker team are here to fight your corner and find a lender away from the regular high street lenders who specialises in cases like yours. With our help, mortgages don’t have to be scary or unachievable.
Let's get the ball rolling.
We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
Check your credit file.
In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.
What is a default?
Can I get a mortgage with a default?
The short answer is yes; some specialist mortgage lenders will still consider you for a mortgage even if you have defaults on your credit file, you just might have fewer deals available than someone who has a perfect credit score. Making sure you are transparent about any defaults is key, so be as upfront with your mortgage broker and lender as possible.
To be clear, the bank or other mainstream lenders may say no to applicants with defaults in their credit history. However, there are a number of specialist lenders out there who will consider applicants with credit issues. As whole of market mortgage brokers, we can help you access different lenders who regularly approve applicants with defaults on their file.
Turning Your Nightmares Into Dreams
When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.
How long will a default stay on my credit file?
A default will stay on your credit record for 6 years. At this time, any applications for finance will result in a lender viewing the file and seeing a record of your defaults and any other marks against you.
You can’t hide defaults, so it’s best to be as upfront about them as possible – honesty really is the best policy. Our specialist mortgage advisors can help you navigate the added complications that come with defaults and adverse credit events, and connect you to specialist bad credit lenders more willing to help you the first time around.
Does the type of default matter or affect my chances of getting a mortgage?
It depends. Most mortgage lenders will view defaults on things like parking ticket charges or mobile phone contracts as less serious than something such as a mortgage default. However, for some, a default of any kind can result in instant disqualification for a mortgage based on their specific lending criteria. That’s why it’s important you are applying to the right lender, as some lenders specialise in providing finance for those looking to get a mortgage with a default or adverse credit.
When you work with us, we’ll analyse your credit rating in great detail, and take care to connect you to the specialist lender who is most likely to approve your application. We have even managed to attain mortgages for people with defaults on secured loan mortgages – typically seen as the most serious.
Frequently Asked Questions
Will a default affect my mortgage affordability?
Does the age of my default/defaults impact my mortgage application?
Does the amount I owe on my defaults impact my mortgage application?
When applying for a mortgage, it’s always advisable to pay off any outstanding debts. Owing large sums of money at the time of application is likely to have a negative impact on your chances of success. More than that, it demonstrates your willingness to repay debt which, unsurprisingly, is a trait lenders highly value!
Outstanding defaults aren’t the end of the world though, and won’t mean the banks are definitely going to say no to you when seeking a mortgage with a default. For mortgage broker guidance bespoke to your financial situation, contact a member of our friendly team.
Does the date I repaid my default affect my chances of getting a mortgage?
As with most incidents on your credit record, the older the better. What we mean by this is the longer ago you repaid your default, the more lenders and mortgage deals will be available to you.
This is because an incident settled long ago is unlikely to be seen as evidence of your current character, mortgage payment and money management capabilities. Instead, a lender may be persuaded to look past this past incident if all other information provided is satisfactory. Even if you have unsatisfied defaults, it is the dates of when the default was first registered that will be the main concern to lenders.
Will I need a larger deposit with a default on my credit file?
How much deposit you put down can make a difference, and while you don’t necessarily need a larger deposit with a default on your credit record, it can boost your chances. We’ve helped many clients with bad credit secure the finance from specialist mortgage lenders that they need to buy the home of their dreams, even with smaller deposits.
Despite this, if you can raise a larger sum of money to put down as a mortgage deposit, your loan to value ratio (LTV %) will be lower and so will the risk to the lender. This will lead many a mortgage lender to accept defaults and therefore view your application in a more favourable light!
Specialist mortgage advice for defaults on your credit file.
Consecutive missed payments eventually leading to a default aren’t ideal, but nor are they the end of the world. We all want a perfect credit score, but sometimes life gets in the way and mistakes are made.
Whatever your personal circumstances, we’ll take a good look at your credit history and provide tailored advice on your best next steps. As expert mortgage brokers, we’ll locate specialist lenders within our network, dedicated to providing secured loans to those with poor credit.
Our comprehensive knowledge of the bad credit mortgages market means we can pinpoint the lender most likely to accept your case. You don’t need to be intimidated by the complexity of the mortgage process; find your way to your dream home with us.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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