Missed Mortgage Payments and Bad Credit Mortgages
Missed mortgage payments are increasingly common, with in excess of 500,000 homeowners in the UK failing to make their monthly mortgage payments in the last six months.
This situation seriously jeopardises the possibility of people with a bad credit history getting a bad credit remortgages as lenders criteria is getting tougher by the day.
Nowadays it’s virtually impossible to get a bad credit mortgage if you have had any arrears in the last three months.
Therefore any one finding them selves in the position of not being able to pay their mortgage needs to take action without delay and contact their lender to discuss the options available.
Your lender has a duty to provide help to people in situations where they have missed mortgage payments and lenders only usually start getting tough and take more serious action after three missed payments.
You need to have paid the last three months payments before any specialist lender will look at the possibility of remortgaging and getting a replacement bad credit or adverse credit mortgage
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