Mortgage Arrears, Wider Context

There are many ways to get credit if you require it. What financial product is right for you is dependent on a number of features. Firstly, have you got a bad credit rating or do you have any mortgage arrears? If the answer to either of these is yes then you have a much more limited set of options. You should try and remedy this situation as soon as possible before you apply for credit. Are you self employed but want a mortgage? You should apply for a self cert mortgage. This is especially tailored for you. Secured loans are what you should apply for if you want a large sum and you are a home owner.

Mortgage arrears should be cleared before applying for further credit. With bad credit there are products specifically tailored to your situation. But these will be accompanied by a proportionately higher fee. This is to cover the lender and the risk they are taking in giving money to someone who has got into financial trouble before. You can still get loans and credit cards and even debt consolidation but do bear in mind the extra cost associated with it.

Self cert mortgages and secured loans are what is called priority debts. This means these debts need to be paid before any others every month, otherwise your home may be in jeopardy. Self cert mortgages are particularly for the self employed and others who can not easily prove their income. Secured loans are usually secured on your house so you need to have a mortgage before you apply for one.

Mortgage arrears bring about an associated bad credit rating. Try to get a grip on how much in arrears are you. This figure can then be used in your plans to get yourself out of them. Ignoring them will not make them go away. Talk with your lender and work with them to resolve the situation. They would much rather that you had found an amenable solution, paid up your debts and kept your home then for them to come along and take it from you.

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