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Your expert mortgage advisor for low credit scores & defaults.

Defaults on your credit score? Don’t worry. Our team of specialist mortgage advisors can help you achieve a mortgage against all the odds.

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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When The Bank Says No is working closely with leading providers...

Useful links to begin your Bad Credit Mortgage Journey

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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.

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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

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Bankruptcy

Getting a mortgage after bankruptcy can be difficult, but the property ladder is within your reach. Talk to our expert mortgage advisors today.

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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

Defaults can be seen as red flags to mortgage lenders, warning them of your inability to repay your debts. If you have defaults on your credit file, you will no doubt be concerned that the options available to you are 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 all the information, tools, and tips you need to achieve your home-owning ambitions.

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We're on your side.

Life can be complicated, and sometimes these complications get noted down in your credit report. If you’ve defaulted on previous loans, it’s easy to panic and think there will be no options available to you.
When the Bank Says No is committed to helping those in more difficult situations navigate the tricky world of mortgage applications. Whatever the circumstances of your default, 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.

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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!

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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?

A default occurs if you fail to meet the financial commitments of a loan for at least 3-6 consecutive months on an open credit account. In this scenario, a lender will class you as a debtor rather than a customer and may close your account with a negative balance. This incident will subsequently be recorded on your credit file and can have implications for future finance applications.

Can I get a mortgage with a default?

The short answer is yes; some 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 score. Making sure you are transparent about any defaults is key, so be as upfront with your lender as possible.

To be clear, the bank 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 less-than-perfect credit. The whole of market mortgage brokers, we can help you access mortgage lenders who regularly approve applicants with defaults on their file.

Turning Your Nightmares Into Dreams

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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 file 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 bad credit, and connect you to the right lender the first time around.

Does the type of default matter or affect my chances of getting a mortgage?

It depends. Some 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. For some, a default of any kind can result in instant disqualification based on their specific lending criteria. That’s why it’s important you are applying to the right lender, as some specialise in providing finance for those seeking 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 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?

Not specifically, but the lender may see a default notice, multiple defaults, and a general poor credit rating as evidence of an inability to manage your money and meet any mortgage payments. If you still have an outstanding balance to pay, the lender may take it into account more specifically and calculate how much you will need to repay each month going forwards, adjusting the amount they can lend to you accordingly. Ideally, you would have a satisfied default before applying.

The date of the default is important. The more time that passes, the less impact it will have on your mortgage application and the number of deals available to you. Even better, some mortgage lenders will choose to ignore any defaults that occurred more than 3 years ago. We can analyse the market and direct you to the lender best suited to your specific situation.

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 lender 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.

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.

You don’t need a larger deposit with a default on your credit file, but it can boost your chances. We’ve helped many clients with bad credit secure the finance they needed 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 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 report 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.

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What Our customers say about us

Our Customers rank us 4.6 out of 5

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