Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage Glossary
- Mortgage Glossary Choices:
- 100% mortgage
- Arrears
- Buy to let
- County Court Judgements
- Defaults
- First time buyer
- Flexible mortgages
- Individual Voluntary Arrangements
- Keyworker mortgages
- Let to buy
- Non status
- No deposit mortgage
- No proof of income
- Self build
- Self certification
- Self employed mortgage
- Underpayment
Defaults
A credit default notice is simply a record placed on your credit file stating that you failed to keep up repayments on a personal loan, credit card, catalogue or other credit agreement.
Such notices are often placed without your knowledge and despite a subsequent remedy to the default.
A credit default notice will affect your credit score and is quite often enough to make a high street lender refuse your application for a mortgage or remortgage.
Away from the High Street, however, there are some mortgage lenders who take a more relaxed view on CCJs, defaults etc.