Mortgage Arrears?

LauraWxx

Do mortgage arrears show as late payments or defaults or anything on credit file?

My bf is in arrears on his mortgage but pays them off bit by bit. We are going to start working on improving his credit file and will send off for the reports, but in the mean time I just wondered if anyone knows how the arrears are shown??

harvey115

Yes most of the lenders would add these things to your credit reports.

Limana68

With our Mortgage lender( Santander) if you pay arrears off within 3 mths it doesn't go on your credit file.

Wh05apk

Limana68 wrote: »

With our Mortgage lender( Santander) if you pay arrears off within 3 mths it doesn't go on your credit file.

Really? very surprised at that.

sockpuppet

Limana68 wrote: »

With our Mortgage lender( Santander) if you pay arrears off within 3 mths it doesn't go on your credit file.

Are you sure you dont mean 3 days? I am with Santander and they told me if a payment is missed it will not show as a missed payment as long as it is paid within 3 days of the due date.

JimmyTheWig

Probably not what you want to hear, OP, but I would have thought that getting behind on your mortgage payments is probably the worst thing you can do to your credit file.

LauraWxx

Thanks for all your help!
Yeah I am pretty confident that his credit file is shot to pieces from the arrears and numerous other late payments etc, he is going to move in with me for a few years and I want to work on building his credit file back up to enable us to go for a mortgage in a few years.
Will make sure we have no links or associations when he does move in, but hopefully can make some progress.

Thanks again for your advice :beer:

JimmyTheWig

Sounds like you're doing all the right things to improve his credit report.

Wutang_2

Limana68 wrote: »

With our Mortgage lender( Santander) if you pay arrears off within 3 mths it doesn't go on your credit file.

This is absolutely incorrect

Limana68

Thats what we were told as we wanted to pay our arrears off for a longer period and they said we had to pay the arrears off within 3 mths, otherwise we would have to speak to another dept to go through our incoming/outgoings and it would go on our credit file as missed payment.
I will be most fed up if it still goes on our credit files as we are struggling but managing to get up to date.:(

Yorkie1

LauraWxx wrote: »

Thanks for all your help!
Yeah I am pretty confident that his credit file is shot to pieces from the arrears and numerous other late payments etc, he is going to move in with me for a few years and I want to work on building his credit file back up to enable us to go for a mortgage in a few years.
Will make sure we have no links or associations when he does move in, but hopefully can make some progress.

Thanks again for your advice :beer:

Slightly off-topic, but is he proposing to sell his house, or to let it out? If the latter, does he know all about the legal stuff and that he will need consent to let or to transfer to a BTL?