Solution Mortgages
20 May 2018
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mortgage arrears

Finances can be unpredictable at the best of times and it can be too easy to incur mortgage arrears or County Court Judgement’s (CCJ’s).

You may have incurred mortgage arrears (missed mortgage payments) due to the loss of your job, divorce or due to ill health and being unable to work for a period of time.

Traditional high street lenders are unlikely to lend to people who have incurred mortgage arrears, so if you need to raise finance by way of a remortgage you will have to look to use a specialist lender. These specialist lenders can be accessed through a broker like Solution Mortgages. They will consider applications from people who have mortgage arrears or CCJ’s and are prepared to take a view on the person’s credit history.

These lenders who will accept applicants with mortgage arrears are some of the biggest banks in the world, mainly dominated by the US Banks. Therefore you can rest assured that you are dealing with reputable companies.

If you run into financial difficulties you should always give preference to your mortgage payment, as this is secured to your property. If you have incurred mortgage arrears you need to act quickly to remedy the situation. This could mean borrowing money from friends or family to clear the arrears or speaking to your existing lender to see if you can come to a repayment plan to bring the mortgage arrears up to date.

If you can not reach an agreement with your existing lender over your mortgage arrears, you could speak to Solution Mortgages about conducting a remortgage to clear the mortgage arrears.

It is important to note that the more mortgage arrears you have incurred in a 12 month period the harder you will find it to carry out a remortgage to clear your mortgage arrears. The lenders criteria will have varying interest rates depending on the number of missed mortgage payments.

If you currently have mortgage arrears or have incurred mortgage arrears in the past and are looking to carry out a remortgage, please feel free to call Solution Mortgages on 0845 123 1260 or click on the Apply Now button and complete the short online form.

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Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.