How we helped a First Time Buyer with a default get their mortgage offer within 4 days.

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A worried client approached me to discuss their mortgage needs. They had an offer accepted on a property that is due to be their first home. They approached their bank for a mortgage agreement in principle; however, to their surprise, the bank declined this.

They later found out that a utility company 📳 had incorrectly placed a default on the credit file in June 2023. Understandably, the client was worried that they would not be accepted for a mortgage, even more so given that they had a 5% deposit.

After our initial meeting, I had a lender in mind who would consider this. Factoring in most, if not all, high-street lenders would decline due to the recent impact on the credit score.

After discussions with the underwriter, who took a logical approach, I managed to get the mortgage agreed in principle for the client without needing to wait for the default to be removed.

We then managed to proceed to full application, with the offer being issued within 4 working days.

This just shows that even with a recent default, in some cases some lenders can approve. 👏