Self Cert Mortgage, Payment Holidays

You may be tempted to offer up an expansive figure as the maximum you can pay each month to your creditors when you are applying for a self cert mortgage or secured loan to enhance your apparent wealth potential. This is not a good idea with regards to financial decision making as you may fall on hard times, get into mortgage arrears and end up with the resultant bad credit.

You should be realistic in your approach to lenders and add in some contingency planning. This is not a simple matter of finding the worst case scenario and making plans to avert it. This would result an over kill of safety measures to prevent financial ruin and result in you not taking the finance at all. When you apply for a self cert mortgage or secured loan try to think of ways to avert mortgage arrears or gaining a bad credit rating. The obvious solution is to ensure you regularly keep up with your repayments on time and at the amount specified in your agreement.

However, unforeseen circumstances, especially if you are self employed, can happen to you, preventing you from having enough money for one particular month to pay your self cert mortgage or secured loan payments. For instance, there are extra financial pressures around Christmas. This could start you on the slippery slope to mortgage arrears and bad credit. How will you manage around these times of monetary stress?

It may be old fashioned, but the advice of saving for a rainy day still applies. If you can put a little aside each month into a savings account you will have a ready emergency fund available. It can be difficult to find spare money each month but it is much preferable to finding yourself in debt and in trouble. When you take out a policy look for the opportunity to take payment holidays. Do not let the term fool you. This is not for when you can not be bothered to pay because you want to go on holiday, but for the exact circumstances, income loss, specified earlier.

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