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Arrears

This glossary or A to Z should help clear up any confusion as to what terms mean what in the mortgage and insurance industry

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Letter A

Arrears

Any mortgage payment that has not been made by the due date as stated in the mortgage deed.

Arrears are generally deemed to occur once a mortgage payment is 1 month or 30 days overdue but this differs greatly from lender to lender.

Some mortgage lenders also consider a mortgage to be in arrears once a payment is a day overdue.

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