We are registered members of the following Associations:
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Associations Of Finance Brokers
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Financial Services Authority
(FSA) |
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Mortgage Arrears?
Beech Finance have put together some information to help you with Mortgage Arrears.
If you can't meet your mortgage repayments, or you're worried you might fall behind, it's important to contact your lender as soon as possible. Lenders have procedures for tackling payment difficulties and they'll try to help. You can also get free independent advice from other organisations.
Keeping up with your mortgage payments should be your top financial priority. Your home could be repossessed if payment problems continue. This doesn't happen automatically, but the longer you delay, the more difficult it will become to control your arrears and avoid long-term debts.
If you've already fallen behind, your lender will suggest a way to pay off the arrears gradually, alongside your usual payments. If you can't meet the extra payments, you may be able to delay them for a while or add them to your loan. Again, it depends on your track record.
Pay as much as you can manage every month. Keeping up regular payments (even if they vary) shows that you're committed. Your lender is more likely to treat you sympathetically and you'll minimise the arrears charges too.
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