A remortgage with missed payments

If you ahev missed payments on your mortggae or other credit committments then lenders will be more wary of releasing money to you. They will therefore probably not lend you as as high LTV or at as low interest rates as prime , status clients.

Recent developments in the mortgage market have meant a decrease in the number of non status remortgages available. It is harder to qualify for a mortgage and lenders are less likely to lend to client they perceive as "high risk".

With this reduction in mortgage products has comean increase in people desperate to remortage. This is why financial predictions are that there is going to be an increase in reposessions over the coming year. To avoid this situation is is important to speak to the current lender and negotiate a way to clear arrears and return to normal monthly installments. If the lender is unwilling to release equity tied up in the home then a nw lender may be the only coise. This may come at a cost in terms of a high interest rate, and in some cases redemption penalties if within the lender tie in period.

To get a new remortgage can be a challenge. Mortage criteria can be complicate and without a lot of experience can seem daunting. A mortage brokerage can help to advise on the best course of action, whilst ensuring lenders are receiving applications with the "best foot forward".