Missing payments on your mortgage will result in your account going into 'in arrears' by the sum you haven't paid.
This can be expressed by the amount of money owed in missed payments, or by the number of months you have missed payments. For example, '£50 in arrears' or '3 months in arrears'.
The severity of the arrears will have a varying impact on your credit rating and your subsequent ability to obtain credit. The majority of consumers have the odd late payment, but no more than one month in arrears.
If you only have two or three payments in arrears they will have a very low impact on your credit rating. However, payments which are two or more months in arrears will have a noticeable impact on your credit rating and any payments later than this will be regarded as serious arrears. Once an account is two or more months in arrears, it is handled by the lender's collection department. The aim will be to get things back on track as soon as practicable.
Payments in serious arrears can often result in default and possibly further court action. At this time, any collector's actions would have failed, and the matter would be passed to the lender's recoveries department. The aim of this department is simply to recover monies due by whatever means are deemed appropriate.