Can I remortgage with mortgage arrears?
Can I remortgage with mortgage arrears?
Missed payment and mortgage arrears If you’re currently in arrears on your mortgage, or have missed mortgage payments in the last 12 months, even if you’re no longer in arrears, you are going to struggle to remortgage, even under the new FCA rules.
What does amount of arrears mean?
As noted above, arrears generally refers to any amount that is overdue after the payment due date for accounts such as loans and mortgages. Simply put, it means your payment is late. Accounts can also be in arrears for things like car payments, utilities, and child support—any time you have a payment due that you miss.
What happens if you are in arrears on a mortgage?
The shortfall will become agreed arrears and is usually recorded on the customer’s credit file. You could also review the interest rate, or perhaps extend the term to see if that would make the mortgage affordable.
How many mortgages have gone into arrears since the start of 2007?
Executive Summary 1. Over half a million mortgages have gone into arrears since the start of 2007, according to the FSA. This figure is expected to rise further in the next couple of years as unemployment increases, and particularly if interest rates rise, making it more difficult for households to service their debt.
How are Building Societies dealing with mortgage arrears?
Building societies consider possession to be a last resort, and will treat each case on an individual basis to try to help the borrower to stay in their home,where possible. In response to the rise in arrears and possessions, the Government has launched a number of initiatives to soften the impact on affected borrowers.
Why are there so many charges on my mortgage?
their mortgage company hasn’t treated them fairly when they’ve fallen into difficulties they’ve had unfair charges applied to their account – like arrears fees, legal costs and field agent visit fees the lender wouldn’t agree to a concession they asked for, like a temporary switch to interest-only, or a term extension