These are mortgage payments that have not been made by the due date in accordance with the contractual agreement you have with the lender.

If you can't meet your mortgage repayments, or you're worried you might fall behind, it’s important to contact your lender as soon as possible. Lenders have procedures for tackling payment difficulties and they’ll try to help. You can also get free independent advice from other organisations. Alternatively, some people prefer to start afresh by remortgaging and we can help explain the pros and cons of doing this. If you wish to remortgage, we can look at suitable new lenders for you. Also, the law says lenders must treat you fairly and take your circumstances into account. They may be able to come to a payment arrangement with you.

If you're struggling to make the payments, then depending on your payment history and whether your difficulties are likely to be long or short term, your lender might agree to reduce your payments for a set period. They may also decide to charge you interest only for a while, or if you've got a repayment mortgage (usually you pay capital and interest), they may give you a 'payment holiday' or extend your mortgage term to reduce your payments.

If you're already in arrears and fallen behind with your mortgage repayments, your lender may suggest a way to pay off the arrears gradually, alongside your usual payments. If you can't meet the extra payments, you may be able to delay them for a while or add them to your loan. Again, it depends on your track record.

Always pay what you can, and pay as much as you can manage every month. Keeping up regular payments (even if they vary) shows that you're committed. Your lender is more likely to treat you sympathetically and you'll minimise the arrears charges too.

Contact us today to see how we can help.