Missed payments but need to remortgage

If you have missed payments and want to remortgage, or want a mortgage, then you will probably have to get an off high street mortgage. Arrears and credit problems mean that mortgage lenders will judge you a more dodgy lending option than someone with a perfect credit history.

Several missed payments will mean that you will be classified somewhere between low and high adverse credit. Amountd of credit arrears, frequency of missed payments, and general credit usage will all contribute to how lenders read your credit file. Depending on how your file is seen you will probably need etween a 5% and a 15% deposit if buying, or will qualify for a different rate if remortgaging.

With missed payments your choices of mortgage will decrease. Options will be less appealing as you may not qualify for the best rates and the deals that have the most rewarding and flexible conditions.

It is well worth speaking to a mortgage advisor if you have had missed payments. The application process can be complicated, and understanding lending criteria can be vital to a successful application. Remember that failed applications and repeated credit checks can impair your success in future applications.

Getting help and advice

If you are in the position where your credit is getting in the way of what you want to do you are not alone. Thousands of people are in the sames boat as you. Below are three ways to get help and advice to find a solution to your bad credit history. In time you will look back and your bad credit will be history. All you need is good advice and positive action.