If you have missed mortgage payments in the past and find yourself in mortgage arrears, the most important thing is not to panic. Given the difficult time many of us have had given the recent economic climate, it is perfectly understandable that a significant number of people will fall behind on their mortgage repayments and enter mortgage arrears.
Buying a property, for most people, is the biggest financial commitment they’ll ever make, but only a small change in your circumstances can make it difficult to maintain these payments. This may include:
• Unforeseen bills such as home repairs for a broken down boiler or burst pipes;
• Car repairs;
• Medical expenses;
• A change in interest rates;
• A decrease in your level of income caused by an unexpected redundancy or a reduction of working hours.
How do mortgage companies view arrears?
Despite what you might read in the press, mortgage companies do not take any pleasure in repossessing people’s properties and generally making their lives miserable. In fact, in the vast majority of cases, they do everything they can to bring about an amicable resolution. However, if your mortgage arrears are rising uncontrollably or you fail to show you are taking adequate steps to resolve the situation, your lender will have no option but to take things further.
If you continue to miss payments, a lender is obliged to issue you a default notice before any legal action can start; however, this does not necessarily mean they intend to take you to court. The default notice will give you at least seven days to comply with whatever action is required, and at this point it is possible to prevent the situation from escalating further.
Some of the members of our experienced network of mortgage advisors are specialists at getting a mortgage with missed payments, refinancing a mortgage with missed payments, and finding a remortgage with mortgage arrears.
How can we help?
We put you in touch with mortgage advisors who are specialists at finding a suitable refinance mortgage for those with missed payments. We will try our very best to find a remortgage that will be t meet your specific needs and situation, and will be designed to repair your credit score over time while you continue to live in your home.
Simply complete our enquiry form with information about the mortgage deal you’re looking for and the most suitable broker will be in touch to offer a free, no-obligation initial consultation.