Missing a mortgage payment can feel overwhelming, especially if it happens for the first time.

Whether it’s due to illness, reduced income, or an unexpected expense, it’s important to act quickly to protect your home and credit score.

Speak to Your Lender Straight Away

If you’re a first time buyer in Manchester and know you’re going to struggle with your next mortgage payment, contact your lender as soon as possible.

This can make a big difference to the outcome.

Most lenders have dedicated support teams to help homeowners facing financial difficulty, and they may be able to offer a temporary solution to help you through.

Missing a payment without speaking to your lender first can lead to charges, and it will usually be recorded on your credit file straight away.

That’s why early communication is key.

It’s not uncommon to go through a difficult patch financially, and lenders are more likely to work with you if you’re open and proactive.

What happens if you miss a payment?

If your mortgage payment bounces due to insufficient funds, your lender may try to collect the payment again before contacting you.

If it still can’t be recovered, a missed payment may be recorded, and you could be charged a fee.

At this stage, most lenders will get in touch to find out what’s happened and how you plan to get back on track.

In some cases, you may be able to catch up by making a payment shortly afterwards.

In others, they might suggest a payment arrangement or refer you for further support.

Either way, it’s always better to speak to them early rather than wait.

How a Missed Payment Affects Your Credit Score

A single missed payment can stay on your credit file for up to six years.

This may affect your ability to remortgage, borrow additional funds, or secure a new mortgage in future.

The impact depends on how recent the missed payment was and whether there’s a pattern of missed payments over time.

If you’re applying for a new mortgage after falling into arrears, your options may be more limited, and you may be offered higher rates.

That’s why it’s important to deal with the issue head-on and avoid repeat missed payments if possible.

Can you still get a mortgage after missing payments?

In many cases, it is still possible to get a mortgage even if you’ve missed payments in the past.

Lenders will look at how many payments were missed, how long ago it happened, and how you’ve managed your finances since.

We work with lenders across the market, including some who consider applicants with a history of missed payments.

Our mortgage advisors in Manchester will look at your credit file with you and explain what options may be available based on your circumstances.

Protecting Yourself from Future Missed Payments

If you’re concerned about what might happen if your income drops again in the future, it may be worth exploring mortgage protection options.

Income protection insurance, for example, can provide a monthly payment if you’re unable to work due to illness or injury.

This kind of policy can help cover your mortgage and essential bills during difficult times.

We can talk you through how these policies work, the cover levels available, and whether it’s the right fit for your situation.

Our advisors take the time to understand your needs before recommending anything.

Date Last Edited: August 1, 2025