If you find yourself late purchasing your home loan you can acquire a page from your own lender. This really is worrying, but it can usually be resolved in case it is taken care of inside the proper way.

If you get a letter we suggest you don’t ignore it. It’s best to deal with these things head-on to avoid making the situation worse. Ignoring it could harm your credit score or lead to extra charges and fees which will increase your debts even more. As a last resort, after at least three months of missed payments your lender could also start court proceedings to repossess your house.

If you’re worried about missing a mortgage payment, we always suggest speaking to your lender. But for more general advice initiate an enquiry to speak with one of our experts.

If you miss a mortgage payment it can affect your credit report in a number of ways. One missed mortgage payment could damage your previously excellent’ or good’ credit score, making it harder to get credit or remortgage in the future.

The greater amount of missed payments you’ve got, this new worse the destruction on the credit rating would be. Continue reading →