UK Accounting Glossary
Arrears highlight the fact that it’s important you keep up-to-date with the monthly repayments on your mortgage. When mortgage payments have not been paid on time and/or not made at the correct amount, borrowers are said to be in arrears.
Borrowers with a history of mortgage arrears will find it harder to effect a further mortgage with their current lender or a new lender in the future.
Although there are a number of lenders who will consider lending to individuals with poor credit history, it will cost more than an ordinary mortgage because of the risk-premium being charged by the lender.
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This glossary post was last updated: 15th February 2020.