Mortgage Advisor Discretion

Ready2move

Hi Guys

Hope you can give me some freindly advice and some reassurance hopefully!

Me and my OH are looking at moving very soon. We are intending to put our flat on the market next week. To cut along story short, due to myself changing jobs recently (and now being payed on the last day of each month, as opposed to the 24th of each month as it was previously) it has messed up some payments coming out of our joint account. We have never missed a payment totally and they have always been honoured the next time the bank has attempted to take the money.

I went to the building society to discuss this matter and now to have our mortgage moved to later in the month (it was coming out on the 1st) and to also move my current account to my mortgage lender, as i was informed money could be transferred between accounts on the same day. The woman i spoke to kindly had a chat with the mortgage advisor on the phone and the mortage advisor stated that missed payments are not always a certainithy of being rejected for a mortgage. As long as you can explain why, ie changed of pay day in job etc. The late payments occured in Dec 06 and Jan 07.

Sorry for waffling on. The crux of it was the mortgage advisor said it shouldnt be a prob and they were able to use an element of discretion with people applying for a mortgage.

I have got a good credit recored as far as i am aware, no loans, always pay credit cards off or on time every month, pay phone, internet, sky every month with no probs. My girlfriend is the same. Changing my pay day has messed us up a bit i fear.

If its of any value we have had our mortgage for 18 months with our lender, we will have 10% deposit to put down on our new property and we earn £43k pa between us.

Are we doomed (i really hope not) or will our lender or other high street lenders touch us. We really dont want to have to wait months / years for this to blow over

Many thanks for your help guys

Ready2move

Sorry

Not a good day for me :eek:

Please could someone move this to the mortage forum. I would do myself but i'm not sure how.

Thanks

Rick62

With any luck you should be OK. First your current lender knows the full story, so as their mortgage broker says they can (and probably will) be flexible, looking at your whole history and taking account that it was a aberation that two payments were late.

If you go to another lender, again they may have discretion, but more importantly your credit may be fine. Your credit will only be damaged if your credit shows that the two payments were late, it could be that if the payments were made (not on the due date but shortly thereafter) that your lender has not registered them as defaults and your credit might be fine. You could check this by doing an online search with Experian (and Equifax, although Experian is more common).

Ready2move

Rick62

Thanks for the reply. You have helped at alaying (sp) some of my fears. I guess the only way i will know for definate is when we go and make a full mortgage application.

I am concious of selling our flat, finding somewhere, getting our hopes up and then for them to be dashed.

I forgot to note that our lender is Abbey.

If anyone one else has any other views / experiences i'd be grateful to hear them.

Thanks