Mortgage Arrears

Mortgage Arrears are all too often the unfortunate result of a relationship breakdown, through sickness and illness, through unemployment and redundancy.

Unfortunately, without an adequate payment protection insurance policy, the chances are that there is not going to be anyone around to pick up the pieces – It will be down to you!

For those borrowers in the early stages of mortgage arrears there is a strong chance that your mortgage lender may grant a greater degree of flexibility with your repayments. Often the lender will permit the balance of the arrears to be paid off monthly over a fixed period of time.

This is a solution usually only open to those who can afford the increased payment! It may also be possible to increase the term of the mortgage or revert to an interest only mortgage. In every case it is strongly advisable to tackle the problem in the early stages.

When it comes to remortgaging and switching lenders, the High Street Banks and Building Societies will be extremely reluctant to assist borrowers who have fallen into arrears on their mortgage or loans. The lender will perceive this as a high lending risk and will all too often turn away an application on this basis.

If you are looking to remortgage and have had missed payments on your mortgage in the past then enquire to Any Loans today. We could help clear your mortgage arrears and secure a more affordable monthly payment which could save you hundreds of pounds every month! Click here