Late or missed payments will show on your credit file for 6 years, as will repossession proceedings. This may make it more difficult to re-mortgage or obtain credit.

If you are in arrears with your mortgage or your secured loan, your lender may add monthly charges to your account. The charges they can add to your account will be in the terms and conditions of your mortgage or loan agreement. If you feel that your lender is adding unreasonable charges to your account you should contact the Financial Ombudsman Service.

If you are worried about your mortgage payments you may be able to remortgage. This could lower your interest rate and your payments. You could speak to your current lender or contact an independent mortgage broker. The mortgage deal you can get will depend on how much equity there is in your property and your credit rating.

Repossession is the name for the legal process where a mortgage lender or secured loan provider tries to take possession of a property. If you miss mortgage payments your lender may be able to ask the courts to evict you from your house. Your lender will then sell the property.