Mortgage Arrears, Coming to an Arrangement

If you have taken out a self cert mortgage or a secured loan and are worried about mortgage arrears and the resultant bad credit rating, your first port of call should be your lender. Explain to them that you are having difficulties making your payments. They will have procedures for this kind of situation and they will try to help. You can of course get other free advice from organisations such as the Citizen’s Advice Bureaux, Debtline and the like.

Your lender may be keen to help you get out of your predicament. The law states that they must take your circumstances into account and that they must treat you fairly. However much you have fallen behind with your self cert mortgage in mortgage arrears or your secured loan there may be a compromise you can reach with your lender especially if the problem is a temporary one. If you have bad credit already it will lessen your options but does not make the situation impossible.

Your lender will look at your payment history and may agree to give you a payment holiday or reduce your payments for a set period or extend your term to pay back your loan to reduce your monthly payments to your self cert mortgage or secured loan. If you are already in mortgage arrears they may suggest a way for you to pay the arrears off gradually at the same time as paying your usual monthly instalments. If you find that you can not meet these extra payments then you might be able to add them to your loan or delay them for a while.

It is very important to pay all you can manage every month. Any shortfall will add to your chance of getting a bad credit rating. Do try to keep up regular monthly payments to all your lenders. A regular payment even if the amount varies shows that you are serious about getting on top of your debt and are committed to paying all your arrears off. Your lender is much more likely to treat you sympathetically and will lessen the arrears charges too.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE