Can I switch mortgages if I have mortgage arrears?

If you have had mortgage arrears within the last 5 to 7 years, then this information will be recorded on the credit records held by the major credit agencies.

Whether or not you can get a new mortgage will depend on how recent the arrears were, whether they were paid off and how extensive the arrears were.

Either way the mainstream mortgage lenders will almost certainly decline your application unless the problem happened years ago and your mortgage repayments are now up to date.
But you may still be able to get a mortgage with what is called a “sub-prime mortgage lender”. They will charge you a higher rate of interest than you would pay with a mainstream lender. This is because you will be categorised as a higher risk borrower.

If you have had mortgage arrears then just submit your details using our easy, quick quotation form and we’ll refer you to a leading mortgages broker. They will know which mortgage lender will consider your application and advise you accordingly.