Define: Arrears

UK Accounting Glossary

Definition: Arrears



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Full Definition of Arrears


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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Arrears. PayrollHeaven.com. Retrieved March 28, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/arrears/

Definition Sources


Definitions for Arrears are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 15th February 2020.