Award-Winning Bad Credit Specialist · FCA No. 301173
Mortgage With Arrears UK Getting Approved Despite Arrears
Mortgage arrears on your credit file are serious but not necessarily a barrier. Darryl Dhoffer explains exactly how lenders view current and historic arrears.
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FCA No. 301173
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Arrears and Mortgages — What Lenders Actually See
Arrears occur when you fall behind on scheduled payments on a mortgage loan credit card or other credit agreement. They are different from a single missed payment — arrears specifically refers to an ongoing shortfall where you owe payments that were due but not made.
Mortgage arrears are viewed as the most serious type of arrears by lenders. Arrears on unsecured debts are viewed less severely. In both cases the age of the arrears the amount outstanding and whether they have since been cleared are the critical factors in lender assessment.
Darryl Dhoffer — The Mortgage Geezer
20+ years in mortgages. Award-winning specialist. Featured in the Daily Express, FT Adviser and The Intermediary. I have helped hundreds of people across the UK who were told no by their bank — and I work with 90+ lenders including specialist adverse credit lenders you will not find on comparison sites.
When you contact me, you speak to me directly. No call centres. No being passed around. I personally review every case and respond within 2 hours.
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Frequently Asked Questions
Can I get a mortgage if I have arrears? ›
Yes but it requires specialist lenders who assess the full context of the arrears. Key factors include what type of account the arrears are on how much the arrears amount to how long ago they occurred and whether they are now cleared. Darryl Dhoffer will review your credit file and identify which specialist lenders will consider your specific arrears situation.
Are mortgage arrears worse than other arrears? ›
Yes significantly. Mortgage arrears show a lender that you have previously struggled to meet payments on a mortgage which directly undermines confidence in your ability to meet future mortgage payments. However even mortgage arrears can be overcome with the right specialist lender particularly as time passes and the arrears are cleared.
How long do arrears stay on my credit file? ›
Arrears are recorded on your credit file for 6 years from the date they were first recorded. As they age they have progressively less impact. After 2-3 years most specialist lenders treat historic cleared arrears much more favourably. After 6 years they drop off your file entirely.
What is the difference between arrears and a default? ›
Arrears are an ongoing shortfall in payments. A default is formally registered when a lender decides to close an account due to persistent non-payment typically after 3-6 months of arrears. A default is more serious than arrears on your credit file. It is possible to have arrears without a default if you have since caught up with payments.
How much deposit do I need with arrears? ›
This depends on the severity and age of the arrears. Recent mortgage arrears typically require 25%+ deposit. Historic cleared arrears from 2+ years ago may be accepted with 10-15% by some specialist lenders. Darryl will advise on exactly what deposit is needed for your specific arrears situation.
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01234 237321
darryl@themortgagegeezer.co.uk
FCA No. 301173
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The Mortgage Geezer is a trading style of Access Financial Services Limited, authorised and regulated by the FCA No. 301173. Your home may be repossessed if you do not keep up repayments on a mortgage.
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