Mortgage Arrears (Call 0800 138 2657)
Current mortgage arrears may not mean that you cannot get a secured loan. Although current mortgage arrears are the worst type of adverse credit, many other factors may allow lenders to ignore them. Secured loans can be for loans from £3000 to £500,000 or higher depending on the equity (risk). Loans that are registered at the land registry after a mortgage are often called a secured loan.
Current mortgage arrears can be cleared by taking out a secured loan. Mortgage companies will add a monthly charge for each payment that is missed and additional charges for previous mortgage arrears that remain not cleared. These charges for mortgage arrears can easily cost more that the total cost of raising a secured loan and settling the mortgage arrears.
Mortgage arrears have risks
Once you have mortgage arrears your mortgage company may start legal proceedings to sell your home. If you raise a secured loan to clear the mortgage arrears, this will satisfy the mortgage company as long as you are able to carry on paying them.
Mortgage arrears are nothing to be ashamed of. None of us knows what will happen from one minute to the other and our circumstances can change very quickly (job loss, injury or any other cause of income loss). If you have collected mortgage arrears when times got hard, it makes good sense to repay them with a secured loan once your situation has improved. The secured loan can be used as a short term remedy until you have financially recovered.
Applying for a Chase Saunders Secured loan with Mortgage Arrears:
At Chase Saunders we will take a sympathetic view of your circumstances and do all we can to obtain the best rate and give you the best advice. We take mortgage arrears seriously as they can cause the loss of your family home. We will endeavour to complete the secured loan and clear your mortgage arrears as quickly as possible. All secured loan enquiries are taken by an underwriter as we employ NO telesales staff whatsoever nor do we have a call centre. This means that you simply ask for your underwriter by name after the initial contact and they will be able to discuss your loan personally.
