Navigating mortgage arrears
Mortgages are a significant financial responsibility and failing to make payments on time can result in mortgage arrears. This can be an extremely challenging situation, but it's crucial to deal with it promptly to minimise the negative impact on your financial security and to prevent the potential loss of your home.
To help you better understand the impact of missed mortgage payments on your future, we’ve pulled together this guide to navigating mortgage arrears. Here we’ve covered everything you need to know about mortgage arrears, including prevention and what to do if you find yourself in debt. But first, let’s cut through some of the mortgage jargon:
- Forbearance: A temporary suspension of monthly mortgage payments.
- Mortgage modification: Changing the terms of your mortgage, such as reducing the interest rate or extending the repayment period.
- Repossession: The legal process of taking ownership of your property, due to missed mortgage payments.