Self Cert Mortgage, Falling Behind

When you fall into what can be labelled bad credit which usually involves mortgage arrears, defaulting on a secured loan or a standard or self cert mortgage it is easy to be defeatist and think that there is no way out. But you have a real risk of losing your property if you do not keep up with your payments. If you want to keep your home then you must take steps to remedy the situation.

A useful first stage to this is preparing a budget sheet. This will show the lender that you mean business, that you are serious about paying off your arrears and that you have a plan to do it. Mortgage arrears, self cert mortgages and secured loans are all priority debts and were given because the lender thought that you would much rather keep your home then end up having it repossessed and be given a bad credit rating. Prove to them you want to keep it.

The company wants you to assure them they are going to get their contractual payment plus an extra amount each month to pay off your arrears. They do vary but most will want your arrears cleared within three years. If in addition to your self cert mortgage you have a secured loan and can not pay up for the mortgage arrears to counteract bad credit straight away the lender may reschedule the loan. This will extend the time over which payments are to be made. You may be able to reduce the interest rate at the same time which will save you even more cash.

It is in their best interests too, to ensure that they have lent responsibly and that they will get a return on their investment. It is up to you to meet your repayments but you should work together with the lender in the first place to make sure you are clear on what is required of you and they are clear on what you can afford. If you can reach an agreement quickly, they may not take further action unless you fall behind on your repayments.

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