The mortgage definition for Arrears:
These are the sum total of late or overdue payments for a mortgage, ground rent and maintenance charges, or any other regular payment. Some insurance policies will automatically be voided if you fall into arrears.
Arrears breakdownArrears breakdown
A month-by-month breakdown of any arrear balance and charges for your mortgage. A fee for this service is often added to your account once you have been sent the breakdown. Costs £10 - £30
Arrears feeArrears fee
This is charged on a monthly basis to cover additional administrative costs where your mortgage account is one or more monthly payments in arrears. Costs £15 - £45. You may well be charged arrears fees in connection with other products.
Mortgage arrearsMortgage arrears
The amount of back pay you owe your mortgage lender for failing to meet your mortgage requirements.
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