What if I have mortgage arrears?
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- What Happens During The Mortgage Application Process?
- The mortgage application process, once underway, does not take very long. Once you have decided to go with a certain lender and signed a purchase contract, the lender will run a full credit check verifying your income, liabilities and your ability to repay the loan.
- How long are mortgages usually for?
- As with any loan, you can choose to take your mortgage out for any amount of time – however the norm is 25 years.
- What Happens If I Can’t Keep Up My Repayments?
- It is very important that if you are having problems meeting your mortgage repayments, you talk to your mortgage lender straight away.
- What Are Capped Rate Mortgages?
- A capped rate mortgage puts a limit on maximum interest payable on your mortgage over a predetermined period. If the mortgage rate is BELOW the cap the borrow will enjoy the lower interest rate available.
- What Are ISA Mortgages?
- If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.
If you have mortgage payments that have not been made by the due date in accordance with the mortgage deeds, you will have gained a bad credit history on your credit report. This may hinder you when trying to obtain further credit such as a credit card, loan, or another mortgage.
With mortgage arrears showing on your credit history you will need to apply for a bad credit mortgage from a sub-prime lender. This means you will have to pay higher interest rates and agree to less favourable terms than a normal mortgage agreement because you will be classed as a high risk borrower by your mortgage lender.
If you have a history of mortgage arrears you should still be able to get a mortgage through Brokers Online. Fill in the easy, quick quotation form and one of our mortgagve partners will get back to you with a range of competitive quotations from leading mortgage lenders.
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