Consolidating mortgage arrears
A private mortgage is a type of mortgage that is given to you through private investors rather than a bank.These private mortgage lenders can be more flexible when it comes to qualifying you for a mortgage, and can complete the approval process much more quickly.How can you avoid falling into arrears with your mortgage?The most important thing you can do to avoid falling behind on repayments is to be completely aware of your responsibilities as a mortgage holder.
Get a quote THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
You need to know when your repayments are due each month and how much is your repayment amount.
When unexpected events such as a job loss or illness happen and you are unable to afford the repayments, it is important to act quickly so you don’t end up with a bad credit rating, which will affect your chance of getting a loan in the future.
Speak to your lender about whether you are eligible for any form of hardship assistance.
The risks and benefits of refinancing a mortgage in arrears Like every other loan you apply for, refinancing has its risks and benefits.