Terms and Conditions

Loans for Homeowners with 1st mortgage arrears.

Your situation

If you are a homeowner and need a loan but you have 1st mortgage arrears then the options available to you will be reduced.

Why will my options be reduced?

You may already be aware that most lenders when assessing your application will review the payment history on all of your borrowings including your mortgage. With most lenders, having arrears on your mortgage will be viewed as quite serious and will most likely be a key matter in the final decision of acceptance, often having the unfortunate conclusion of your application being declined.

Why do lenders take this view?

The reason behind this is that one of the main issues a lender will be looking for when underwriting your application is if you will have the ability and intent to repay your loan once it has been granted.
In all lenders opinions your mortgage is the most important debt an applicant has and if this has fallen into arrears or is not currently being repaid, then will it make sense to lend further to an applicant when their most important debt is behind on its repayment schedule? The general answer would be no unless there is a genuine reason for the arrears and positive consequence would result from completing a loan in this instance.

The Good news

Edwards & Associates has worked to establish relationships with lenders that will be sympathetic with your circumstances. Specialist lenders they have specific provisions to grant loans for homeowners with 1st mortgage arrears. They will review your application on an individual basis and often not use a credit scoring system to make their decision.

Why are they different to other lenders?

Their goal will to be to establish if granting a loan for you will be helping your circumstances whilst obviously being an acceptable risk to them.
This type of lender will rely heavily on building a relationship with you and having an open and honest two-way approach. This will mean that they will usually require an explanation to why you have arrears on your mortgage and what plans you have to prevent the situation happening in future. Lenders need to act responsibly and not increasing your financial burdens when it is inappropriate is high on the agenda of their governing bodies.

What do I do next?

If you are looking for a homeowner loan with 1st mortgage arrears then simply click on the “apply online” button below, this will take you to the Edwards & Associates short online application form, complete it and submit it to us. Please remember that our job is to find a lender that will best suit your circumstances so it is very important that you be honest about any credit problems you have. This will help us speed up the process.

What will happen then?

The we will work on obtaining an approval in principle and you will be contacted shortly to discuss your application further.

To apply click here

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All loans are subject to status, written quotations are available on request. We also offer a range of plans where rates may differ from 7.3% APR variable to 29.9%APR variable according to your circumstances. However most of our clients qualify for a typical APR of 12.9% APR variable

Loans for Homeowners with 1st mortgage arrears

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.