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Mortgage with Defaults

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  • Interesting Read! 

    I am in a similar position now and stressed to high heaven!!  

    Requested a 3 month payment break from MCF which they granted, I kept in touch with them etc etc - payments reinstated as per agreed date - the day after I have a default added to my account which has pulled my MIP to shreds - I’ve made an offer on a property and also accepted on ours - 

    I do have high debt, a good salary where bills are always paid aside from this 3months and been in same role for nearly 20 years - broker has advised I can try for a MiP 2months after default but has anyone had any similar experience?  Wondering if to just pull out of the selling and buying 
  • JustMe18
    JustMe18 Posts: 167 Forumite
    Sixth Anniversary 100 Posts Name Dropper Combo Breaker
    SJ_1234 said:
    Interesting Read! 

    I am in a similar position now and stressed to high heaven!!  

    Requested a 3 month payment break from MCF which they granted, I kept in touch with them etc etc - payments reinstated as per agreed date - the day after I have a default added to my account which has pulled my MIP to shreds - I’ve made an offer on a property and also accepted on ours - 

    I do have high debt, a good salary where bills are always paid aside from this 3months and been in same role for nearly 20 years - broker has advised I can try for a MiP 2months after default but has anyone had any similar experience?  Wondering if to just pull out of the selling and buying 
    It depends....our defaults were 11 months old, lender wasn't allowing it, as their criteria is 12 month. So was refused  an offer, even AIP was fine. But re-applied and got it. I would go on lender's website and see their criteria, they would pretty much always stick to that.
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