Subscribe to our Feed
Missed Mortgage Payments
For homeowners and mortgage payers having missed mortgage payments can be a huge source of worry and stress and its easy to get caught up and feel completely overwhelmed as the mortgage lender pressures for the missed payments to be made up which often results in multiple mortgage applications being submitted in an attempt to obtain a remortgage to clear the mortgage arrears.
With that in mind we decided to do the research for you. We have listed below what you can expect in regards to loan to value (LTV) depending on how many missed mortgage payments are present.
Whilst we will endeavor to keep this list up to date however as mortgage criteria is constantly changing we would still suggest contacting us to discuss your circumstances in person.
1 missed mortgage payment
Having only one missed mortgage payment may not sound too drastic but it can still effect what a mortgage lender is willing to borrow - the lenders allowing missed payments to be registered are normally called bad credit mortgage or adverse credit mortgage lenders, 1 missed mortgage payment can also be a sign that things are getting tight and may be a prelude to further missed payments.
In the current mortgage market its possible you would be able to obtain an mortgage up to 65% LTV if no payments were missed in the last 3 months.
If you do have any mortgage payments missed within the last 3 months its likely you will be restricted to a 50% mortgage product.
2 missed mortgage payments
The difference between 1 and 2 missed mortgage payments can get blurred depending on which lender you are wanting to obtain a mortgage from. The reason for this is that some lenders will allow 2 missed mortgage payments on an 85% mortgage product although it is likely that the 60% mortgage product allowing 2 missed payments will have a slightly higher interest rate than a mortgage allowing 1 missed payment.
It stands to reason the lower the loan to value the better the odds of getting approved, anyone requiring a 50% mortgage will be in a very good position in the current mortgage market.
3 missed mortgage payments
Due to current market conditions this is no longer available - as soon as this changes we will update this section
More than 3 missed payments
Due to current market conditions this is no longer available - as soon as this changes we will update this section
mortgage arrears? | missed payments? | late payments?
We would always suggest speaking to a mortgage professional as it would be impossible to cover every eventuality in this article - it may be possible to obtain more than we have noted above as we have adopted an across the board approach to give the general feel to what could be available to you.
If you have mortgage arrears and want to know what is available it is always best to speak to a mortgage broker who can assess your individual circumstances and requirements in person.
