Business mortgage or secured loan arrears

​If you fall behind with payments to your business mortgage or secured loan lender, it is very important to try and make an arrangement to pay back your arrears. You could lose your business premises if you do not do this. Business mortgages or secured loans are sometimes referred to as commercial mortgages. The information on this page applies to commercial mortgages and to buy-to-let mortgages.

Extra advice:

asking for time to pay

If you fall behind with payments, your lender may take court action to repossess your business premises. You can normally only ask the court for a small amount of time to pay the arrears in full or to sell the premises yourself. Contact us for advice.

Business mortgage or secured loan arrears are priority debts. You can find out how to deal with business mortgage or secured loan arrears at Step 3 of our Four simple steps to dealing with your debts. You do not have the same rights as someone with household mortgage or secured loan arrears if any action is taken to repossess your business premises.

If you have business mortgage or secured loan arrears, contact us for advice.

Business mortgage

Warning:

you must act quickly

To use receivers, buy-to-let mortgage lenders do not need to take any court action first. It is important to start negotiating with your lender as soon as you know that you are having difficulties paying.

There may be other conditions in your mortgage or secured loan agreement which allow the lender to appoint receivers to take over the property. This can lead to your property being sold. Contact us for advice.
 

 

 

 
 
 
To be able to offer as much as you can to your business mortgage or secured loan lender it is important to see if there are any ways you can increase your income.
 

Increasing your business income and Increasing your household income