Mortgage Arrears

Readers of this blog have queried some of the terms and language used in the mortgage and financial industries. Terms which you will often see popping up on this blog are 'mortgage arrears' and 'home loan arrears'.

When home loan or mortgage repayments are not made on time they are referred as 'mortgage arrears' or 'home loan arrears '. As part of the initial contract made with financial institutions, borrowers are required to agree to make certain repayments on their loan at regular intervals. The borrower is then contractually obliged to meet these repayments. If these repayments fail to be met, it is considered a breaking of the initial contractual agreement and is officially known as a 'mortgage arrears' or 'home loan arrears '.

What causes mortgage arrears ? Click here for more information or see our FAQ section, 'What is a mortgage arrears ?'.

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