Self Cert Mortgage, Elongated Payment Options

Taking on a long term financial commitment such as a secured loan or a self cert mortgage can mean that you are being asked to make sure you will not renege on payment and will always be able to meet the repayment over the duration of the agreement. With all that can go wrong such as mortgage arrears, inability to pay and the associated bad credit rating in your mind you may find it difficult to foresee how you can complete the full term.

The best advice is to only borrow what you can feasibly pay back. This all starts with the standard mortgage offering you three and a half times your salary. When you take out a self cert mortgage the formula is a little more flexible and this in turn can lead to trouble if you have not supplied realistic future forecasts. If you think you will earn a lot but it turns out you have a bad year and you fall into mortgage arrears and bad credit, then it is difficult to turn the situation around. The same can be said for secured loans if you run into difficulties as these are where usually a large sum of money is given and you pay it back over a long period of time.

If you do fall behind with secured loans or into mortgage arrears over your self cert mortgage then talk to your lender and try to work out a deal to resolve the situation otherwise you will get a bad credit rating. This will prevent you getting any more credit at favourable terms.

Check your financial agreement as it may allow you to take a break from payment of a month or two to give you time to fix the problem. Or you may be able to negotiate with your lender and convince them to make the period of your agreement a little bit longer. This in effect means that although you may be paying slightly more in total for the length of the contract your monthly repayment is less and so more easier to manage.

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