Mortgage Arrears, Problems you may face

There are many ways one can fall into mortgage arrears. You may have an existing bad credit rating and your planned borrowing to cover a temporary shortfall falls through. You may have over estimated your potential earnings for a self cert mortgage and can no longer find the money to cover the cost of your mortgage. Or perhaps you have competing demands from paying off your mortgage and a secured loan. Whatever the problem the situation is very serious in deed.

If you do not find a way to resolve these issues and climb your way away from a predicament that instigates mortgage arrears you will get a bad credit rating or if one already exists then you may spiral further down into a situation where you can not borrow any further money. This can be disastrous if you are depending on a secured loan or need to keep up with a self cert mortgage.

You must consult with your lender. They should be your first port of call when an impending financial disaster is looming. They may wish to negotiate with you or offer a sympathetic hearing of what has gone wrong if it is temporary and you can dig yourself out of it in a hurry. You may have exercised prudence when taking out a secured loan or a self cert mortgage and ensured you had cover for unexpected eventualities. This may appear in the form of a payment holiday, allowing you to defer payment for one or more months in times of trouble which you can pay back later. Or you may be able to elongate your period of pay back with an associated drop in monthly repayments.

Both these methods may allow you to put off mortgage arrears and the follow on bad credit. Review your options. Perhaps you should seek out independent financial advice. Debt consolidation may also be an answer but everyone’s circumstances are different. Try to address these problems head on. Do not shy away from dealing with them otherwise you are only suspending a fall from grace and the loss of your home.

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

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Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

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