Consolidating your Mortgage Arrears

There are three main ways of consolidating your mortgage arrears. Below is an overview on each:

With your Current Lender - Your current lender may allow you to add the arrears to your current mortgage and then adjust the monthly mortgage payment relevant to the new loan size. This is only usually allowed if the loan to value is quite low and you can demonstrate that you will be able to afford the new mortgage payment.

Debt Consolidation Loan - The best solution might be to take out a secured loan and consolidate the arrears possibly together with other loans and monthly outgoings. You may have got into arrears as a result of mounting debts, credit cards, car loans and home improvement loans. The only way to make your monthly payments affordable may be to consolidate everything into one affordable payment on top of your mortgage payment. This is sometimes a better option than a new mortgage; you may have an early repayment charge if you remortgage or you may be with a high street lender and remortgaging would put you with a non high street lender better known as a sub prime lender.

A new mortgage - A secured loan combined with your current mortgage payment might not be affordable, also in some cases a secured loan might not be possible as the overall loan to value cannot be achieved. For more information on taking out a new mortgage click here or clicking on the button on the left.

As you can see, we will explore every avenue for you so you have a complete picture as to what is or is not possible. Also we will be able to work out if any option is affordable. Why not complete our enquiry form by clicking on the link below. We will come up with a swift response 7 days a week!

Think carefully before securing debts that were previously unsecured. Consolidating debts may increase the term & total amount payable.

For secured loans - Typical 12.9% APR.
Our rates start from 7.9% APR. We also have a range of plans with rates up to 19.9% APR allowing us to help customers even with the most severe credit problems. Think carefully before securing debts that were previously unsecured. Consolidating debts may increase the term & total amount payable.

For remortgages
The overall cost for comparison is 8.8% APR.
The actual rate available will depend upon your circumstances.
Ask for a personalised illustration.
A fee of £500 is usually charged which is payable on completion.

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