Mortgage with halifax underwriter?

solman30

In direct contact with underwriter, requested proof of savings. Submitted them this afternoon....hopefully news in morning. Nothing else been flagged.

DebtFree2012

What actually classes as a default that you mention? A late payment?

kingstreet

A default is noted by a creditor usually when three or more monthly payments are missed.

Brazuca

Hi,
So it seems that there's a difference between default and late payment?

So 3 late payments = 1 default?

Is a late payment shown on the credit report as well? And say someone only has a late payment in the last 3 years and the rest is all clean? Does this affect mortgage availability, or only the default per se will count adversely?

kingstreet

You need to differentiate between missed payments and late payments.

For example, this;-

00010100

indicates two late payments. Had they been missed, the "1" would continue.

While this;-

11121000

indicates a combination of late/missed payments over a three month period with a missed payment made up but the account still running in arrears by one month.

If any of the numbers becomes a "3" then there's a good possibility that will go to default.

QBSBuck

That is interesting information.

Is 00010100 considered poor form? Are they that sensitive?
Presumably 11121100 would raise an eyebrow?

kingstreet

I'm not trying to suggest that a mortgage would or wouldn't given to a borrower with such a credit history, I'm simply giving examples so people know there's a difference between a late payment and a missed payment and a missed payment and a default.

If you've lived at your current address and also been in your job 5 minutes, want 5x income and have 10% deposit, a couple of late payments aren't going to help, but you might still pass. It depends on the lender's qualifying score on the day your application is submitted.

There is no absolute answer. No-one knows what the lender's box will be doing on that one important day.

QBSBuck

Thanks, didn't mean to imply you were doing that btw. Good discussion point.

kingstreet

It's alright. Sometimes I just feel like posting 63.5% or some other random number when someone asks what their chances are when we know very little about them.

I think I might have to go back to avoiding such threads - bad for my blood pressure and that's bad enough as it is!

I won't hijack Solman's thread any further.

solman30

kingstreet information is knowledge, and that is good for sites like this.
Update from me -underwriter asked us to re-submit a bank statement with a http web address, affordability and credit score ok with her. So once this is accepted my MA thinks survey will be ordered as underwriter has found no other issues. Hopefully Monday, as I said hopefully.