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    • mecham
    • By mecham 4th Dec 17, 9:31 PM
    • 1Posts
    • 0Thanks
    mecham
    Missed Mortgage payment and lending again
    • #1
    • 4th Dec 17, 9:31 PM
    Missed Mortgage payment and lending again 4th Dec 17 at 9:31 PM
    I have a property I rent out. My father manages the property through his letting company. Over a year ago my father was hit by a car and missed three mortgage payments. I was not aware of this. As soon as I found out I paid all arrears. I have never had any arrears, am very careful and have a good income. However these missed mortgage payments are really affecting any ability to get a mortgage on a commercial property I am trying to purchase. I have been in contact with my main branch as this was recommended to me as being the best option. I had a 1/3 deposit. They have rejected my application based on this credit issue. I am trying everything i can but dont seem to be getting anywhere on a commercial mortgage because of this issue. I have appealed to the mortgage company and go nowhere also. Is there anything I can do left?, do I have to wait 6 years until this is off my credit file until someone will lend to me again.
Page 1
    • DCFC79
    • By DCFC79 4th Dec 17, 10:07 PM
    • 30,395 Posts
    • 19,219 Thanks
    DCFC79
    • #2
    • 4th Dec 17, 10:07 PM
    • #2
    • 4th Dec 17, 10:07 PM
    I have a property I rent out. My father manages the property through his letting company. Over a year ago my father was hit by a car and missed three mortgage payments. I was not aware of this. As soon as I found out I paid all arrears. I have never had any arrears, am very careful and have a good income. However these missed mortgage payments are really affecting any ability to get a mortgage on a commercial property I am trying to purchase. I have been in contact with my main branch as this was recommended to me as being the best option. I had a 1/3 deposit. They have rejected my application based on this credit issue. I am trying everything i can but dont seem to be getting anywhere on a commercial mortgage because of this issue. I have appealed to the mortgage company and go nowhere also. Is there anything I can do left?, do I have to wait 6 years until this is off my credit file until someone will lend to me again.
    Originally posted by mecham
    Apologies if I have this wrong but its your property and your father missed the mortgage payments, why were you not paying the mortgage ?

    Anyway, why did he not have direct debit setup for the mortgage ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Shakin Steve
    • By Shakin Steve 5th Dec 17, 6:53 AM
    • 1,118 Posts
    • 838 Thanks
    Shakin Steve
    • #3
    • 5th Dec 17, 6:53 AM
    • #3
    • 5th Dec 17, 6:53 AM
    Without going into the why’s and wherefore’s of the payments being missed.....yes, you will have these markers for six years. They are a true reflection of your history.
    I came into this world with nothing and I've got most of it left.
    • Tarambor
    • By Tarambor 5th Dec 17, 9:56 AM
    • 1,731 Posts
    • 1,191 Thanks
    Tarambor
    • #4
    • 5th Dec 17, 9:56 AM
    • #4
    • 5th Dec 17, 9:56 AM
    Going to have to wait a few years. Wouldn't bother before 3. Only other option is to set up a Ltd Company and apply through that.
    • SeanG79
    • By SeanG79 5th Dec 17, 5:22 PM
    • 858 Posts
    • 381 Thanks
    SeanG79
    • #5
    • 5th Dec 17, 5:22 PM
    • #5
    • 5th Dec 17, 5:22 PM
    Have you spoken to a broker that specialises in whole of market commercial mortgages? You shouldn't need to wait years if you are able to show you had sufficient funds to pay the mortgage via bank statements and explain the issue with your father.
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