How mortgage arrears affect your credit record

Late payment or non-payments, also known as mortgage arrears or a default on your mortgage, will appear on your credit file and is available for any financial company to see when carrying out a credit check on you, which can affect a mortgage companies’ decision.

If you default on your mortgage too many times or without contacting your mortgage company, they are able to start repossession proceedings. Repossession proceedings will be permanently recorded on the Mortgage Possessions Register, which every mortgage company is able to view when you try and obtain a new mortgage. Repossession will also appear on your credit file, this will remain on your credit file for a period of 6 years.

You can check your credit record at:

www.uk.experian.com
www.equifax.co.uk
www.callcredit.co.uk

Also see:

Mortgage arrears
Late payments may not count as arrears
Paying off mortgage arrears
If you can't afford the agreed payment
Managing the agreement or face repossession

Contact us or apply online and see how Quick Purchase can help when you are faced with mortgage arrears.