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Mortgage Application / Rent Arrears
choppy1
Posts: 7 Forumite
Most high street lenders will pay attention to past behaviour in terms of keeping up with rent payments.
Where the landlord is private, they will ask for bank statements going back 12 months. Generally, applications will be denied where, for example, the applicant has been in arrears by more than 3 months within the last 12 months.
Having recently checked my bank statements, and due to a mix up with a late payment, it appears that I have been 1 month in arrears for approximately 6 months.
My question is - does this mean I have been 1 month in arrears for 6 months, or would this be considered 6 months in arrears?
This is important to me and my family so your objective advice would be appreciated.
Where the landlord is private, they will ask for bank statements going back 12 months. Generally, applications will be denied where, for example, the applicant has been in arrears by more than 3 months within the last 12 months.
Having recently checked my bank statements, and due to a mix up with a late payment, it appears that I have been 1 month in arrears for approximately 6 months.
My question is - does this mean I have been 1 month in arrears for 6 months, or would this be considered 6 months in arrears?
This is important to me and my family so your objective advice would be appreciated.
0
Comments
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It's one month in arrears.
Six months arrears would mean you missed six months' payments.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
"applicants must not have exceeded 3 months' arrears in the last 3 years."
I *have* been in arrears for six months - could this not be interpreted as exceeding the criterion above?0 -
No.
You have not been three months in arrears (3 payments in 36). You have been one month in arrears (1 payment in 6).I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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