Mortgage Arrears & Mortgage Shortfall
Mortgages and secured loans (or second mortgages) are called priority debts – these means you can loose your home if you do not keep up with the repayments. This means that no matter how demanding other lenders or creditors are you should pay your mortgage or secured loans first.
If you have other debts in addition to your mortgage which are also adding to your financial problems it can be tempting to take on a larger mortgage which encompasses all your other debts. This may enable you to pay off or clear your existing debts but it is very risky. It may mean your monthly outgoings increase and you may have to pay additional arrangement fees or higher lending charges. Selling your house to pay your mortgage may be the only way to get yourself free from these debts. With NPP you have the option of renting back your property, staying in your home and enjoying the freedom of financial security.
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