If you are late paying your mortgage our credit record will have some less favorable information about you. It is unfortunate but banks are very quick and meticulous about late payments. You should so your best to avoid getting mortgage arrears.
The bad part about having a bad credit record is that it makes it a little harder to get further credit. Most lenders use your credit record to decide if they will lend you money or not. Late payments don't put you in a favorable light at all.
In case you missed a lot of mortgage payment and you have lots of unpaid mortgage arrears the lender can start the repossession proceedings. If this happens this situation will be written permanently in the Mortgage Possessions Register. Fortunately some lenders don't check it. The bad news is that this event will also be recorded in your credit record for 6 years. In that period it will probably be really hard to obtain another credit.
But you don't have to worry if you cannot make your payments and you get a bad credit record. I am sure there will always be lenders willing to fill that gap, at a higher interest of course. Still the best thing you can do is pay all your mortgage payments on time and if you make some arrears along the way pay them as soon as possible.
If you are interested in receiving a copy of your credit record you can go to a credit reference bureau to get one. In exchange of a small fee of course.
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