Subscribe to our Feed
Mortgage Arrears
Mortgage arrears? Get help with your adverse credit remortgage
Trying to get a remortgage with mortgage arrears can sometimes feel like an impossible task, thankfully we have helped many people with missed mortgage payments, defaulted mortgage arrangements, mortgage arrears and more.
If you have mortgage arrears and bad credit you will be well aware of the stress involved with trying to make ends meet and the confusion that goes along with trying to find a lender who will consider your remortgage application and the considerations needed when choosing which mortgage broker to use - who can help with your individual circumstances.
Adverse credit mortgage with mortgage arrears
simply complete the form opposite...
We have helped many clients who have past and current mortgage arrears or want a mortgage with defaults, the majority of specialist lenders -
the majority of lenders who accept mortgage applications with mortgage arrears will look at the payment profile for you existing mortgage over the last 12 months - the missed mortgage payments, together with any other bad debt will help determining whether they will consider your application and if so at what interest rate and loan to value they are prepared to lend.
My previous mortgage broker couldn't help with my mortgage arrears
One of the main issues we come across when speaking to clients is that they have gone through another broker who couldn't help with mortgage arrears – this is usually because the broker they approached did not specialise in adverse credit and subsequently tried placing the mortgage with the wrong lender or did not fully understand how specialist lenders underwrite bad credit mortgage applications. For example, if you have not missed any payments on your main or first mortgage but have missed 4 payments in your second mortgage (secured loan) then it may be better to look for a specialist lender who will not take the secured loan payment profile into consideration for underwriting purposes, from an underwriting point of view this will show as zero missed payments as opposed to 4 missed payments. Knowing which lenders allow what is usually down to broker experience and an adverse credit mortgage specialist should be better able to help you remortgage with arrears.
In most cases we find the mortgage arrears are due to an unforeseen event which is very unlikely to happen again and the normal monthly payments would be affordable but paying the normal payment and extra to clear the arrears is beyond the means of many people. By re-mortgaging to a new lender and applying for a bad credit mortgage it may be possible to keep the repayments similar to what you are paying now whilst at the same time clearing the existing mortgage arrears.
Missed mortgage payments
If you only have 1 missed payment on your mortgage it is very likely you will be able to apply for an 80% mortgage, this will mean a loan amount of £170,000 on a £200,000 mortgage.
If you have 2 missed mortgage payments then its likely the you will be able to apply for an 75% mortgage product, this would mean a loan amount of £160,000 on a £200,000 mortgage.
If you have 3 missed payments or more then you may be able to apply for upto 75% mortgage but any more than 3 or 4 missed payments it is likely you will be restricted to 70% or less of the property value.
How will I know if a bad credit remortgage will help with my mortgage arrears?
After discussing your personal circumstances and discussing your needs, requirements and budget we will let you know if we feel a remortgage is suitable and affordable, we will let you have all the facts and figures and run through all the options available to you in a clear, concise fashion so you can make a decision safe in the knowledge that any advice we give will have your best interest at heart and be tailored to your individual circumstances.
Why wait, with our no obligation enquiry you have nothing to lose, simply fill in the form opposite or telephone 0845 094 2331.
To find out if we can help you, contact us today.
