In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
If your mortgage is in arrears, it means you have missed a payment or are behind. If you forgot to make a payment, your lender will give you a short time frame to rectify it without penalty, but if the window passes, they will classify you as being in arrears.
When you take out a mortgage you are essentially signing a contract and agreeing to a regular repayment schedule. If you can’t pay your mortgage you should contact your lender as soon as possible to discuss options, you may be eligible for a financial hardship arrangement or they may help you find a solution to get you back on track.
If you go into arrears this will also affect your credit file, as they are marked as ‘missed’ payments and they will also lower your score, which can make it difficult to get another loan in the future.
