Dear Property Doctor,

I missed a mortgage payment last month because my tenant didn’t pay his rent on time, what should I do?

There are two things you need to consider

1. The missed rent payment from your tenant
2. The missed mortgage payment to the mortgage company

What I mean by my first point is you must make contact immediately with then tenant informing of the arrears. I suggest ALWAYS putting it in writing. If this fails to get a response then I would send a 2nd letter recorded delivery stating that the rent must be brought up to date within a certain time scale. Most of the time this will resolve the problem. In the few cases this does not happen I suggest you talk to a specialist lawyer as soon as possible to get some legal advice.

In relation to point 2 – you must speak to your mortgage company immediately too.

Inform them of what has happened and how you plan to resolve it. If the missed payment is over a month old then it can impact your credit file – something you need to avoid at all costs as it will make it more difficult for you to borrow in the future.

Lenders often quite understand; provided you keep them informed of what’s happening – Whatever you do, DON’T ignore it.

Get something agreed as soon as possible and stick to it.