Effects on credit report??

Lea74

I wonder if someone can help. It is very likely that I wont be able to make my mortgage payment this month. This is due to a timing issue and the bank are aware of it.

If I dont make this payment, but only a part payment with the balance a couple of days later, however this will be in the enxt month - will this effect my credit rating. My XH is also on the mortgage so will it effect his credit rating as well.

Thanks,

Thrugelmir

Whatever the timing issue is. Unfortunately you don't have the available funds to pay your mortgage on the contractual due date. So quite rightly this will register as a late payment.

Lea74

Will it register as a late payment for both of us i.e me and XH. Also, what are the consequences of this. Detrimental or just a slap on the wrist. Post my recent divorce my credit rating is rubbish anyway, however I think XH may be mad if this effects him. (I am in this predicament as he left for another woman and hasnt paid maintenance since February and also was made redundant in July)

Thanks.

Senior_Paper_Monitor

Joint liability. Joint late payment. Joint late payment on individual credit reports.

He is hardly in a position to "be mad" if he isn't paying agreed maintenance payments !

Lea74

He is now paying agreed maintenance amounts. However since Feb I have had to pay all the bills hence the reason my debt has risen and my cashflow totally decreased.

He was paying the mortgage however, but our special rate has now finished and now we are on a much higher rate. He got to pay the small mortgage amount and I get the new one. Cooollll.

BoGoF

Missin a mortgage payment is, to any potential lender, possibly the clearest sign that you cannot manage your finances as it should be your priority.

It will seriously dent your chances of remortgaging in the future.

Thrugelmir

Lea74 wrote: »

He is now paying agreed maintenance amounts. However since Feb I have had to pay all the bills hence the reason my debt has risen and my cashflow totally decreased.

He was paying the mortgage however, but our special rate has now finished and now we are on a much higher rate. He got to pay the small mortgage amount and I get the new one. Cooollll.

Putting aside personal issues between you and your ex. You need to manage your own personal affairs carefully and somehow gain financial independence.

Lea74

It wont be a missed payment, however it may just be a bit short. I cant cover on my own the whole mortgage as I am waiting for SMI to kick which may be a few days late. The difference I can pay in the following few weeks. Will that still have the same effect???

It is really all just a huge timing issue.

BoGoF

It makes no difference how late it is, it will show as a missed payment and, blunt as it sounds, any potential lender isn't interested in the reasons.

Lea74

Can it be removed by my mortgage lender if they are aware of the reasons for the late payment?

Also, will it reflect after only one missed payment? Surely you need to miss more than one?

[Deleted User]

You need to understand that the late payment marker is a factual record - it's not about reasons, or whether it's a repeated offence. It's a statement of fact that you missed a payment. So it's obviously not good. But it's better than multiple.

Lenders don't have the leeway - or the inclination - to decide who they'll do a favour for and who they won't.