Arrears - Cheap Mortgage Deals

Mortgage Arrears is used to describe missed or late mortgage repayments. If you stay in arrears you are likely to end up with a Credit Court Judgment or CCJ. This can also be described as defaulting on your mortgage or Mortgage Defaults.

Mortgage defaults are documented and will affect your credit rating if you make a mortgage application in the future. If you have arrears on a credit card account, utility or even for a mail order company, these will be documented and remain as part of your credit footprint.

You may be able to take out a credit repair mortgage in the future even though you still have a notice of arrears against you. If the arrears are not too serious and far enough in the past your advisor will be able to offer you a product that although has a higher rate of interest than a standard product, to reflect the risk to the lender if you default on payments, will put you back on to the road to credit recovery.

If you make your repayments on time all the time, you can build up a good credit footprint and take out a standard mortgage product with a lower interest rate once the adverse product has reached the end of its term.