Cleared mortgage arrears

jsteph28

Hi there,

Over the past year i have built up some mortgage arrears. I have now just cleared these in 1 lump payment and am now upto date.

Could anyone advise me on how long it may take until i would be able to look into moving and buying a new property.

I understand it could be years but i was wondering if there is anyone who may of beennin this position before and could give some advise.

Thanks

jamesd

Depends in part on the reason for the arrears and how likely any change of circumstances is to be permanent.

jsteph28

The arrears came from being made redundent. I now have a better job on mote money and have cleared the arrears with 1 lump payment before it reached legal.

Thrugelmir

jsteph28 wrote: »

The arrears came from being made redundent. I now have a better job on mote money and have cleared the arrears with 1 lump payment before it reached legal.

The arrears came from you having no savings in the event of an emergency. Redundancy is just one of many things that cause people financial distress.

Personally I would suggest you use your increased wages to build up some savings and make some overpayments on your current mortgage. So that when the time to move is right you are in the best possible position. An increased mortgage won't be an option for a while.