A default is when the borrower is over 180 days late with payments.
If this happens we will declare the loan as being in default.
We will work with the borrower to recover any missed payments and to obtain repayment of the loan.
As a last resort we will repossess and sell the property.
Whilst this is happening you might not be receiving any interest payments for this loan, and you will not be able to sell the loan in the secondary market.
Good to know
We are proud to say that the actual default rate to date is currently 0.00%.*
You can read more on our expected and actual default rates on our statistics page.
* Please Note - Past performance does not guarantee future results.