Self Cert Mortgage, Struggling with Payments

If you are self employed or do not get a regular monthly wages slip then you may be finding it hard to get a secured loan or a standard mortgage. This is because most high street lenders require proof of your income and most see this evident in a pile of pay slips. If you can not produce these, for instance you rely on commission and bonuses or are a freelancer then the self cert mortgage maybe for you.

The lender should take into account that you have less evidence for not going into mortgage arrears or bad credit but that they can rely on you to give them an accurate picture that reflects your current and future financial position. There would be little point on your side for lying as if you can not keep up with your repayments for a self cert mortgage or a secured loan then your house could be in jeopardy. The accumulation of mortgage arrears brings with it the chance of a bad credit rating. This will prevent you from getting any further easy credit. Lenders tend to check the credit rating of everyone they do business with.

If you start to find paying back your self cert mortgage or a secured loan pretty hard going then your first port of call should be with your lender. Let your lender know what is going on before you end up with mortgage arrears and the annoying bad credit rating. They may be open to negotiation if they can see that you are serious about changing the direction you are going in and that you have a plan to remedy the current deteriorating situation.

They may offer you an extension to your original period of borrowing or allow you to take a payment holiday (this is usually included somewhere in your contract) or they may allow a fluctuation to occur. This could mean that you could pay less for a few months if you have proved to them that this is a temporary measure, then you will rectify this by paying much more over the following months.

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

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ABBEY FINANCE

0845-4567-847

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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