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Mortgage with past late payments?
emsylove
Posts: 9 Forumite
Just checked my Equifax credit report and seen that I had 6 late payments on a store card 4 years ago along with an arrangement to pay that I settled early. Thinking of getting a mortgage with partner who had a squeaky clean credit history. Do mortgage companies take account of mishaps so late back? It would seem unfair if they did as I was in financial hardship but am now in a well paid profession and do not miss any payments anymore! I also have a £10,000 loan that I used to get a car. Any thoughts?
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Comments
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Do mortgage companies take account of mishaps so late back?
Lenders are currently taking a big dislike to late payments. 4 years ago would still be held against you BUT, if you are not pushing the limits and have a bigger deposit and well within income affordability, then it wont likely be a real issue. If you are pushing the limits, it could well be.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Does the fact that I had late payments mean that I defaulted? I am unsure of what 'default' actually means.0
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Late payments are different to defaults (the latter being really rather bad). As above poster says, if you are well within affordability and can stump up a bigger deposit you should be good to go. We got a 15% deposit mortgage in the end.
xxx0
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