If you miss a monthly mortgage repayment, your mortgage account goes into arrears, until you make the payment. Your lender will get in touch to ask you to bring your account up to date as soon as possible.
If you continue to miss repayments, the mortgage lender ultimately has the right to repossess your house, although that is the worst-case scenario. The majority of those who fall into arrears on their mortgage do not end up losing their homes.
But don't let things get to this stage. Contact your lender as soon as you foresee any problems with making your mortgage repayments. They are unlikely to want to repossess your property as this takes a lot of time and resources. In addition, since the lender will want to sell quickly, they might not get a reasonable price for the property.
How will a bad credit record affect my mortgage?
