Mortgage arrears are not traditionally bad credit however we’ve included it in here as it does have a bearing on your ability to obtain credit. In approximately 50% of mortgage arrears cases, there are also other credit problems which compound the issues.
Mortgage arrears is a complicated area as a lenders assessment of arrears when applying for new finance can be complicated. Arrears can be lumped into one category where a loan is deemed by a lender as not suitable to refinance. Where on deeper understanding of the payments applied to a debt, the payment characteristics of an applicant can be improved.
- How much is the arrears in total?
- How many months in arrears
- Are there legal fees adding to the total of arrears
- Is the recent payment conduct satisfactory? Even though the loan is in default or repossession is imminent.
All these matters contribute to a mortgage or home loan arrears assessment.
If you have arrears on your home loan, it is essential to seek professional advice to determine the most competitive product suitable for your situation. Contact Loan Saver Network on 1300 796 850 for a confidential mortgage arrears assessment, or simply submit an enquiry below.