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First home success: High LTV mortgage options after defaults

A customer success story

Author's Avatar Author: Carl Shave CEO and co-founder

Updated: February 26th, 2026

Achieved a

5%

deposit mortgage

Borrowing of

£270k

for clients

Defaults were

4

years old

1.

The Clients & Goal

  • Two first-time buyers eager to step onto the property ladder and stop renting.
  • The clients had saved a 5% deposit, requiring a high 95% Loan-to-Value (LTV) mortgage.
  • Aiming for a £270k loan to secure a suitable first home in a competitive market.

2.

The Challenge

  • One applicant had several large, satisfied defaults dating back 4 to 5 years.
  • Most high street banks refuse 95% LTV applications if the credit file shows multiple historical defaults.
  • The combination of a small deposit and adverse credit history made traditional “big bank” lending out of reach.

3.

The Solution

  • Our broker identified a lender specifically comfortable with adverse credit and low-deposit scenarios.
  • Recommended a short-term fixed rate to get the clients into the property immediately.
  • Planned the exit strategy to remortgage to a high street lender once the defaults drop off the credit file.

4.

The Outcome

  • Secured a 2-year fixed rate that allowed the purchase to proceed with only a 5% deposit.
  • The clients successfully bought their first home despite their previous credit setbacks.
  • Established a roadmap to lower interest rates in the near future as their credit profile improves.

Want to see your own borrowing potential?

Before you get in touch, use our specialist tool to get an estimate based on your defaults. See how the age and status of your credit history impacts your mortgage options.

Try the Default Mortgage Calculator

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