MORTGAGE GUIDANCE
Mortgage arrears arise when required mortgage payments have not been made in full. Contacting your lender early can help you understand what options may be available.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
What are mortgage arrears?
A mortgage becomes in arrears when required payments are overdue. The precise amount owed and any applicable charges should be confirmed with your lender.
A missed payment
A scheduled payment has not been made in full when required.
Ongoing arrears
Unpaid amounts can accumulate if the position is not resolved.
What should I do if I think I’ll miss a mortgage payment?
Taking action early can help you understand your position and the support that may be available.
01 — CONTACT YOUR LENDER
Explain the situation as early as possible and ask what support or arrangements may be available.
02 — UNDERSTAND YOUR FINANCES
Review income, essential expenditure and other commitments so you can explain your circumstances accurately.
03 — GET APPROPRIATE HELP
Depending on the circumstances, mortgage advice and/or free independent debt guidance may be appropriate.
Don’t simply stop making mortgage payments without speaking to your lender.
What might my lender be able to discuss?
Options depend on the lender, mortgage and circumstances. No particular option must be offered or will be suitable for everyone.
Temporary payment arrangements
A lender may potentially discuss temporary changes depending on the circumstances.
Changing the mortgage term
Extending the term may affect monthly payments and overall borrowing costs.
Changing repayment arrangements
Other changes may potentially be considered depending on the mortgage and eligibility.
What happens if mortgage arrears build up?
Unresolved arrears can have increasingly serious consequences. Depending on the circumstances these can include additional amounts becoming due, potential fees or charges, effects on credit information, lender recovery action and ultimately potential possession proceedings. Repossession is a serious potential consequence, not an automatic result of a missed payment.
Can mortgage arrears affect my credit record?
Missed or late mortgage payments may be reported to credit reference agencies and can potentially affect future borrowing. The precise effect depends on the information recorded and how a future lender assesses an application.
Can I remortgage if I’m in arrears?
Mortgage arrears can affect the availability of remortgage options because lenders assess payment history, affordability, credit information and other circumstances. Remortgaging is not necessarily available or an appropriate solution to financial difficulty.
Should I speak to a mortgage adviser or a debt adviser?
Mortgage adviser
May be able to discuss mortgage products and mortgage options within the scope of their service.
Free debt advice
Where someone is struggling with debts or cannot meet essential commitments, specialist free debt advice may be appropriate.
These services perform different roles and someone may benefit from both depending on their circumstances.
You can also read about mortgage repayment options and mortgage payment holidays. These pages explain general options; what may be available will depend on your lender and circumstances.
What information should I have ready?
Mortgage account details
Amount of any arrears
Household income
Essential expenditure
Other debts and financial commitments
Relevant changes in circumstances
Correspondence received from the lender
Can a mortgage adviser help?
A mortgage adviser may be able to discuss available mortgage options within the scope of their service. Where immediate payment difficulty or wider debt problems exist, contacting your existing lender and obtaining appropriate debt support can also be important.
Mortgage arrears FAQs
What are mortgage arrears?
What happens if I miss one mortgage payment?
Should I contact my lender before I miss a payment?
Can mortgage arrears affect my credit record?
Can I remortgage with mortgage arrears?
Can a lender repossess my home if I’m in arrears?
Where can I get help with mortgage arrears?
Need to understand your mortgage options?
MortgageAdvice.co.uk can connect you with a selected mortgage adviser who can discuss mortgage options relevant to your circumstances. This is not a substitute for contacting your existing lender or obtaining debt advice where appropriate.
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No obligation to proceed.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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