arrears

2makeit

in big trouble now as mortgage payments are in arrears by 3 months(what can it go to before major steps are taken against me?)
unfortunately i am now unemployed so no steady income coming in.

my mortgage is past its fixed rate and now need something to get back onto a fixed rate. the interest rate is low for now but when it goes up i will not be able to afford it.

where would be the best place to get a new mortgage?
my credit rating is now getting worse and have creditors getting paid token payments.

Bismarck

hoping to bump this but you need some "proper" help quick....the folks who know will be here at some point but firstly, when will you be working again?

fascinated

Just bumping up...

Gillianh2

I dont know much about getting another mortgage deal. But what you do need to do first is have you got Payment Protection on your Mortgage? if you havent have you claimed JSA I think that they may pay something towards your Mortgage.
Have you contacted your Mortgage Provider to explain the situation?
If not you need to do this pronto. They will be able to help you and find a way forward. I know its hard but once you have made that phone call you will feel better.
Is there any chance of you being able to return to work soon?
Perhaps you could give us some more information ie if you have a partner, children etc;

If you could post an SOA lots of the peeps on here will be able to adivse you on how to save money etc;

Good Luck and make that call.

CCCS_Matthew

Hi 2makeit,

I would suggest getting further advice with this ASAP. We do have a specialist mortgage counselling team who can give you in-depth advice regarding your situation. The Helpline number is 0800 138 1111.

If you have 3 months arrears with the mortgage, I do have to stress that the lender can now start going down the route of repossession so I suggest you get in contact with them straight away to see what they say. It might be worth seeing whether the lender will give you a mortgage holiday in the mean time (although with you being in arrears this is something they are not always willing to do).

Regards,
CCCS

silvercar

Post on the mortgage board for more advice.

I would say that your first port of call has got to be your existing lender. Ask for a payment holiday, if that is not possible ask if they can roll up the arrears onto the mortgage amount and pay them off with the mortgage (gets rid of the arrears, but does increase monthly payments slightly.)

As for a new mortgage deal, your first port of call is your existing lender. This is becaue they won't credit check you as an existing customer.
If your existing lender can't offer you anything then you will have to look elsewhere. In the current climate this will be difficult. Lenders don't like bad credit and don't like recent arrears, I fear that you may not find a more reasonable rate than whatever your current lender offers.

What deal you can get may well depend on your loan to value ratio. What is the current value of your home and how large is your mortgage.

doodledo_2

As the others have said I think you need to get in touch with your mortgage providers pretty quick and see what they can do to help you.

Good luck and keep us posted.

pania

Ok, mortgage providers unfortunately do not provide a mortgage holiday if you are in arrears.
what is the cause of you being unemployed? after a period of time you become eligible for interest benefit payments towards your mortgage.
Re-mortgaging here would not appear to be the way to go at the mo, you'd end up with an extortionately high interest rate more likely from an unscrupulous lender.

call CCCS and let us know how you get on.

2makeit

i asked the cccs and they said to contact the mortgage lender to see if anything can be done,
if nothing can be done then to re contact them again to see if anything can be done to help.

i asked before about a payment break but they said it was due to my circumstances that they denied it..

benefit help doesn't kick in until 9 months claiming, i can't wait that long and am now thinking that the house may have to be sold.
the mortgage is way too big along with other bills and creditors wanting their money it doesn't help and is always on my mind.

2makeit

well contacted the mortgage people and have agreed a payment of half the mortgage for 2 months then it gets reviewed after that.

still in arrears so will have to try and sell more things to pay off it.
can;t add the arrears to mortgage cause of arrears.

so at least ive told them, and hopefully it gives me time to get a good job(chances of that??)

if things don't work out then will be selling up and moving to smaller place( but it all costs money) or rent somewhere.

it took me long enough to get onto the property ladder and i know all the hassle to get a mortgage.

floss2

what exactly is his problem?