Obtaining a mortgage whilst you have defaults registered on your credit file is possible its not the easiest mortgage to obtain and there will be certain criteria that need to be met but as the following case study shows it is possible! This is a true life case study – Tom contacted us as he was trying to secure a remortgage deal to repay his existing lender and to capital raise to pay off his existing secured loan and credit cards. On the face of it everything looked fine as Toms income was sufficient and his loan to value was 63%. The reason that he contacted The Mortgage Broker Ltd is that he had been declined by two high street lenders, one being his own bank and the other being his current mortgage lender, due to Â£7,000 of defaults that were registered in July 2009 (At the time of writing this article the defaults were less than 36 months old). With this in mind The Mortgage Broker advised Tom that it was worth trying one more high street lender (the client had nothing to lose and the high street lender in question was a bit more lenient than the other lenders that had previously declined his application) and provided Tom with a probable best and worst case scenario including a summary of fees, costs and monthly payments with the high street lender and a specialist lender. Unfortunately at the Decision in Principle stage the high street lender declined to lend. The Mortgage Broker then tried the specialist lender and although Tom passed credit score and criteria the loan being offered was not sufficient.