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Do i need to wait now? :(
NeoVR2k6
Posts: 102 Forumite
Well. After a shock last week of being turned down for a FTB mortgage by a lender, and then finding out ive been shafted by T-Mobile with a "4 month late" that appeared on my credit report for less than a tenner (which im disputing as the original contract was set up for DD and was for £0 pm)
The T-Mobile account has been settled, guess that will take a month or two to filter through to the credit agencies though.
What are my options if in the worst case, i have no luck getting my credit report updated to take off the incorrect late payments.
Has it messed up my chances of getting a mortgage anywhere for the forseeable, even though the account has been settled?
Until the above occurred bar one late payment in 2010, my credit record was fine and im trying to borrow well within my financial means.
I guess im trying to find out if i should just admit defeat and pull out of the house im trying to buy (and loose survey/solicitor money) if its unlikely im going to be able to get a mortgage for a period of time, all for the sake of a tenner!.
The T-Mobile account has been settled, guess that will take a month or two to filter through to the credit agencies though.
What are my options if in the worst case, i have no luck getting my credit report updated to take off the incorrect late payments.
Has it messed up my chances of getting a mortgage anywhere for the forseeable, even though the account has been settled?
Until the above occurred bar one late payment in 2010, my credit record was fine and im trying to borrow well within my financial means.
I guess im trying to find out if i should just admit defeat and pull out of the house im trying to buy (and loose survey/solicitor money) if its unlikely im going to be able to get a mortgage for a period of time, all for the sake of a tenner!.
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Comments
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How much are you purchasing for?
How much is the deposit?
How much is your income?
do you have other credit that will show you are on top of your credit more and that was just a "blip"?I am a Mortgage AdviserYou 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.0 -
How much are you purchasing for?
How much is the deposit?
How much is your income?
do you have other credit that will show you are on top of your credit more and that was just a "blip"?
Earnings £40k + O/T(that im not factoring in)
127k purchase price
13k deposit
yes, full 6years of good credit history, car loans, credit cards, telephone/utility bills etc with just a small amount outstanding on the credit card now.
Ive been renting for nearly 4 years with no issues and the monthly mortgage payment would be less than my current rent.0 -
forgot to ask, where were the missed payments?I am a Mortgage AdviserYou 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.0
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Certainly do not give up hope, I would not rule this out immediately.
When were these missed payments?
Have you obtained your Experian, Equifax and Call Credit files. Just one is not good enough to go off.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Is there a default date or just 1 2 3 on the missed payments, sorry previous posts crossed..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
PHEW - it could have been loads worst with a default registered.
A decent broker is likely to find a solution here, so long as everything else is straightforward.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Excellent.. thats made me feel better :money:
I guess ill just need to hold out until after xmas when the credit agencies receive the update to say the account is settled, then ill get back on the hunt.
Thanks
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Start ordering the other credit files now as they may take a couple of weeks too.
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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