If you have mortgage arrears then it is important that you think about your options, or else you could end up with greater debt problems due to poor financial decisions. Always seek expert advice about how to handle your mortgage arrears and remember to speak with your mortgage lender as soon as possible.
One Advice have an expert team of advisors and if you are having problems with debt, including mortgage arrears, we can offer you professional debt advice. Call today on 0800 048 1752.
If you have mortgage arrears then chances are that you are struggling with the amount of debt that you have and may be missing payments to other sources of debt, such as credit cards or store cards.
If you take out an extra loan to cover your mortgage arrears, you might find that you are putting your home at greater risk and that you will be paying off your arrears over a longer period. It the new loan is secured against your home then missing payments will mean that your home is at risk of repossession.
If you are thinking about taking out a loan, contact One Advice for further advice and information. We are a financial solutions company and may be able to offer you ways to make your unsecured debt more affordable to you. You might be eligible for a debt management plan, which allows you to make a reduced payment to your creditors for your unsecured debts.
If you think that you can no longer afford your mortgage, then you may be considering handing your home over to your mortgage lender so that they can sell your house. Think carefully about this, as you will be responsible for paying the mortgage until the house is sold. If your house is sold for less then the mortgage outstanding, then you will have to pay the remaining balance.
One of the best ways to deal with your mortgage arrears is to speak with the lender and explain the situation. You will most likely have to offer extra monthly payments to cover your mortgage arrears, perhaps over 12 to 24 months. If you cannot afford these then speak to your lender again and explain the reason why your circumstances have changed, such as long-term illness or loss of a job.