Mortgage Arrears Allowed
Arrears allowed mortgages are mortgages that allow you to miss a number of repayments under agreed conditions.
Missed payments or underpayments are combined and added to the mortgage. They must be repaid over the remaining life of the mortgage, unless the lender agrees with you to extend the mortgage term. Normally lenders will not let the total debt exceed the lending limits of an arrears allowed mortgages.
If you have made any over payments in the past it is not uncommon that your lender will let you underpay up to the amount of any previous overpayments.
Equity Release is a way for the over 55s to release built up equity in their property whilst having the right to remain in the property contact our Leicester mortgage brokers to see what deals are available to you. The money can then be used to help fund a retirement, large purchase or simply to improve day to day living by increasing income.