Mortgage arrears occur when a borrower fails to make required mortgage payments on time. Once a payment is missed, the borrower is said to be “in arrears.”

It’s important to note that falling into mortgage arrears can have serious consequences. The lender may charge late fees, and if the situation isn’t addressed, it can lead to repossession, which is when the lender takes ownership of your property to recover the loan amount.

Each lender may have a different policy regarding how they handle mortgage arrears and the time it takes to start repossession proceedings. However, all lenders have to follow FCA guidelines and UK/ Scottish government rules and have to take certain steps by law before they are able to take possession of a property.

If a you find you are unable to make your mortgage payments, it’s usually best to contact their lender as soon as possible. In many cases, the lender may be willing to work out a plan to allow the borrower to catch up on their payments over time and avoid repossession.

For more information on arrears and options for dealing with them see the citizens advice website