FAQ's

‘Arrears’ is a term used in financial and legal situations, referring to the status of owed payments – and their corresponding due dates. It is used to describe something that has not received its payment by its set due date, so in simpler terms, ‘Arrears’ are overdue payments. If a payment is missed (one or more) the account will be in arrears – for example; a phone bill, or a mortgage.

If you continually miss a payment on a debtor credit agreement, you will likely go into ‘default’. This means that your lender has decided that you are not going to pay this debt back, and has ended said agreement. Every lender will have different rules on how many debts their client can miss.

Mortgages with Low credit scores.

Having a low credit score can be caused be a variety of factors. It could be debt/credit agreements you have had in the past that have gone bad and ended up in a default.  It could be you have utilised a lot of debt and have several amounts owing to different lenders across a series of credit cards, store cards or loans. You may have several credit cards that run very close to their borrowing limit each month. It can be a number of factors and quite difficult to pin point the exact reason you have a low credit score. 

Can you get a mortgage whilst in debt management? Or had a offer accepted and need a mortgage with debt management plan?

The answer is yes - It will depend on how this is reported on your credit report and your history of the payments to the debt management plan company. At view finance we have advisors that deal with these enquiries on a daily basis and are happy to help.

CCJs or County Court Judgements are court orders directing someone to pay an outstanding debt – for example if you go into default. Alike to defaults a CCJ stays on your credit report for 6 years, after which they are removed even if you have not paid the debt off. However, CCJs are also available on a public database: The Register of Judgement Orders and Fines. 

Bankruptcy is a form of insolvency, in essence a declaration that you are unable to reasonably pay off your existing unsecured debts. It can be either declared voluntarily by yourself or involuntarily by a creditor to whom you owe a lot of money.

Normally an individual is within a bankruptcy for 1 year before being ‘discharged’. During this period, they will not be permitted to borrow money become or stay as a director of a limited company or even own a car worth more than a pre-determined amount.

Completing a remortgage is done for a variety of reasons mainly to save money is the most common reason and can be alikened to witching Gas/Electric providers etc to save money.

A mortgage is a debt and the way of saving money is by achieved the lowest APR rate in terms of repaying it. If two customers borrowed exactly the same amount of money over the same number of years and one is paying a rate of 2% and one of 4% the 2% payments will be less they will boyth be repaying the capital but less interest charged on the lower rate.

Completing a remortgage is done for a variety of reasons mainly to save money is the most common reason and can be alikened to witching Gas/Electric providers etc to save money 

a mortgage is a debt and the way of saving money is by achieved the lowest APR rate in terms of repaying it. If two customers borrowed exactly the same amount of money over the same number of years and one is paying a rate of 2% and one of 4% the 2% payments will be less they will boyth be repaying the capital but less interest charged on the lower rate.

Remortgaging is where you take out a new mortgage on your home or a property that you already own. This will replace the mortgage you have already got. 

A lot of people can feel negatively towards the possibility of remortgaging, however there are some really good reasons to do so! Read on to find out a bit more about the remortgage process, and maybe why it could be the best thing for you.

Why should you remortgage?

Completing a remortgage is done for a variety of reasons mainly to save money is the most common reason and can be alikened to witching Gas/Electric providers etc to save money.

A person who is self-employed earns their income by working for themselves, through owning a business or freelancing. A self-employed individual can be a sole trader or within a partnership,however they must own at least 25% of the business. They do not work for an employer who pays them a consistent wage/salary.  

A question that we are often asked is " Can i get a mortgage with Bad credit " and I am Self employed. Bad credit can be in a variety of forms from missed payments all the way through to bankruptcy and repossession... Generally speaking the older the issue the easier it will become. Along with the greater deposit you have available will also open up more lenders, for example there is more specialist lenders that offer mortgages with a 15% deposit than a 5% deposit.

At View Finance we love slightly more complex cases. So what happens if your a first time buyer and self employed.There reality is the options are a little more restricted depending on the lender.  We are whole of market and have a lot of years combined of doing mortgages and we all have that "friend" that knows a bit about everything but unless they are a qualified mortgage advisor that has been doing mortgages for as long as we have I reckon we will be able to point you in the right direction.

A contractor is somebody who provides services/goods to a specific client, under specific terms. As a contractor, you can either be classed as:
self-employed – if you work as a sole trader/have your own ltd company  or  an employee/worker – if you work through an agency or a large ‘Umbrella Company’, who pays your wages/taxes.