Getting finance with Missed mortgage payments in the past
In experience missed mortgage payments are the by-product of an event but lenders and other brokers may not even give you the chance to explain and write you off. From my perspective I would, as a valued Mortgage Broker, always listen and not judge, take the time to understand why you’ve had the set back and fight your corner to get a new mortgage.
In fact I always back myself to perform. How so, well unlike some other professionals I will not take a bean off you for service until the funds are in your pocket. In short I have a vested interest in your mortgage approval.
If you need to raise money and have recent missed mortgage payments the greatest chance of success is often a second mortgage. These products are often hidden from the general public as the Mortgage Lenders prefer to deal with Mortgage Brokers they know and trust.
How many payments can I miss?
The reality is I could probably help in all instances but it would not make financial sense to move all of your mortgage across as the chances are the rate will be higher than you are currently on. So where I particularly help is where you want to borrow an additional amount, say £25,000 to £150,000 or what is known as a second mortgage.
Second mortgages typically allow you to borrow more than personal loan counterparts with greater tolerance to missed payments. The missed payments could be on mortgages, credit cards, mail order, personal loans, mobile phone contracts, payday loans – the list is virtually endless – and what’s more the missed payments can potentially be current.
Niche Advice provides suitable mortgage advice to clients that have recent missed mortgage payments. To find out more, please complete our Contact form on our website or dial T: 020 7993 2044.
You are consolidating your existing financial commitments, you should therefore be aware that whilst this may mean you will make short term savings, over the long term, you may end up paying more. This is because you may be extending the period of the loan. You are also transferring previously unsecured debts to a mortgage which is secured on your home. The reason you want to consolidate your existing debts is to reduce your monthly outgoings.
Please also be made aware Lenders tend not to look favourably on applicants that have a repeated history of debt consolidation so future finance for this reason may be hard to obtain.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.