Getting a Mortgage with Mortgage Arrears

Cleared Mortgage Arrears

Defaults & CCJ's

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Mortgage payment arrears are of great concern to any lender. The reason behind this is they consider, and you probably will agree, the mortgage payment is the last payment to suffer if you fall in to financial difficulty. You will always try your utmost to keep the roof over your head. So if you fall behind on your mortgage payments the household financial strain would have to be quite severe.

What if the arrears have been cleared

If your mortgage is up to date but arrears are still registered on your credit report there is every possibility you could secure a mortgage, however the loan to value (LTV) will more than likely be below 85%. The majority of lenders will consider the reason for the arrears and whether that situation has been resolved, such as getting a new job following losing one, when considering any mortgage application.

What if I am still in arrears

If you are still in arrears with your mortgage payments, unfortunately securing a mortgage will be very unlikely. You would have to find a way to clear the mortgage arrears, which Lawrie Mortgages may be able to help you with, before being considered for a mortgage from any lender.

What if you have other bad credit

If you have multiple arreas and/or other bad credit registered on your credit report it is important you get in touch so we can start assessing your eligibility for any mortgage application. It is important your application, or next application, is with the best mortgage option to dramatically increase your chances of being approved for a mortgage.

What now?

Simple, get in touch. Before you do you may want to enquire about your credit file as your mortgage adviser will more than likely ask you for it as it will form part of his research in finding your best mortgage choice. As with all mortgages there is no guarantee you will be accepted for mortgage following application but going through Lawrie Mortgages and letting us help you make the best mortgage choice will greatly increase your chances. Any successful mortgage application will rely on your own personal circumstances which will include your income and affordability as assessed by the respective lender underwriting.

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