Self Cert Mortgage, Arrears

Thinking about it, buying a house is the most expensive thing most people will ever do. You may want to take out a secured loan once you have the mortgage to buy yourself important new things, but the house is the biggest investment. It is very easy to slip behind on your repayments get into mortgage arrears and you may end up with bad credit.

Mortgages are classed as a ‘Priority Debt’. Secured loans are also priority debts. The security concerned is usually on your house. Repayments for priority debts must be paid off before all lesser loans and your house is in jeopardy if you do not repay your arrears promptly.

To keep away from mortgage arrears and bad credit make sure what you buy is worth the risk. Secured loans are an easy way to gain access to locked credit. The term locked credit refers to the fact that your property is an asset and as such could provide to you with money however you do not wish to cash in your home.

If you are self employed you might have taken out a self certification or self cert mortgage. These mortgages are specifically geared towards people who have difficulty proving their income, such as the self employed, contractors and freelancers. It is offered on the basis of the borrower stating what their likely income will be, rather then providing pay slips or other such evidence of income to the potential lender.

Self cert mortgages are usually charged at a higher rate of interest to that of standard mortgages, because unfortunately statistics show that many businesses fail within their first two years of trading. If you can not keep up the repayments you will end up with mortgage arrears and bad credit. Any secured loan places your home in jeopardy so every effort should be made to pay off your arrears. The best thing to do is to work with your lender to come to an arrangement on how to repay what you owe. The lender would much prefer you to pay back what you owe rather then repossess your house.

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

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ABBEY FINANCE

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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