What is Mortgage Arrears?
It is a common tale that many people fail to pay their mortgage repayments due to personal problems or financial constraints. Emergency and unexpected commitments can often throw a scheduled repayment plan into complete chaos. In such an eventuality lenders often impose heavy penalties or even may go to the extent of repossessing your home if repayments are repeatedly not met. If you have difficulty paying your mortgage due to any reason, it is vital to talk to the lender and negotiate the mortgage or arrange a payment plan. Failure to keep up repayments would almost certainly result in heavy penalties which are slapped on to cover the administration costs of arranging paperwork and handling other matters. Naturally, the lender is entitled to charge for drafting a letter or making a phone call but to charge £30-£40 for simply giving you the joyous news that you that you are behind with your monthly repayment is nothing short of scandalous. Consequently, these charges add up over time a
