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.

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.