How people get into debt
Hiccups in life like unexpected unemployment, illness or a relationship breakdown are common triggers for spiralling debt problems. For others, no matter how relatively wealthy, simple disorganisation can lead to missed payments on utility bills or forgetting to pay back a student loan. As a result, mortgage applicants are increasingly finding a bad history can bar their way to a first home or a remortgage on the home they already own.
If debts get unmanageable, homeowners can use their mortgage to consolidate debts like credit cards, store cards or loans. Mortgage interest rates are low compared to the rates on loans or credit cards. So, it can make financial sense for mortgage borrowers to cut costs by remortgaging or by borrowing an extra lump sum from their current standard lender called a further advance.
But for those who have already missed a mortgage or other debt repayment, your current lender may not be able to help.
So to keep your home, an adverse credit mortgage lender may be your only option.
Hiç yorum yok:
Yorum Gönder