What if I have mortgage arrears?

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Types of Mortgage:: Variable rates Mortgages: - mortgage payments are calculated by your lender on the so-called "Standard Variable Rate". This is based on the monetary "base rate" that is reviewed monthly by the Bank of England.
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.
Interest Rates Explained: APR is used to identify the true cost of borrowing and to provide you with a method of comparing the true costs of a loan.
What Happens If We Have A Joint Mortgage, But One Of Us Wants To Leave?: This area of the law is an extremely complex one – and it all depends on who is the legal owner of the property. You can read about this matter further on http://england.shelter.org.uk/advice/advice-469.cfm
Equity Release: Equity Release is a means of using the value of your home to receive either a lump sum of cash or regular monthly instalments.

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.

What is a Fixed Rate Mortgage?

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