Once you have your mortgage in place, if you miss a monthly repayment, you will likely be charged a late payment fee by your lender. On top of this, the missed payment(s) will be reported to the credit reference agencies and this could have a negative impact on your credit score.
If you think you might miss a monthly repayment, or you already have, it’s crucial that you speak to your lender as soon as possible. They will work with you to find a solution to help you get back on track, whether that’s offering you a payment deferral for a short time, a period of reduced payments or an extension to your mortgage term.
Whatever you do, don’t buy your head in the sand – talk to your lender straightaway.