Arrears

 

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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

Arrears occur when the borrower misses one or a series of monthly payments. Arrears can lead to the repossession of the property.

Arrears

(1) Payment made after it is due is in arrears. (2) Interest is said to be paid in arrears since it is paid to the date of payment rather than in advance, as is rent. Example: A rental payment made July 1 pays the rent to August 1. An interest payment made July 1 Pays the interest to July 1.



Arrears

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Arrears fee

Arrears 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 arrears

Mortgage arrears

The amount of back pay you owe your mortgage lender for failing to meet your mortgage requirements.


Dividend in arrears

Dividend in arrears

Accumulated dividends on cumulative preferred stock that are deemed payable to the current holder.


Interest in Arrears

Interest in Arrears

Interest that is due only at the maturity date rather than periodically over the life of the loan.


Arrears breakdown

Arrears 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


Further Suggestions

Annuity in arrears


 
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