Late payments and mortgage lending criteria

sleepyheadalk3

Hi :-)

I have been reading through for a while now trying to get a good idea of where we stand in regards to obtaining a mortgage. I have been looking through some lending criterias for different lenders and come across this

Cumulative amount of arrears at any point in the past 2 years of 3 or more monthly payments on any one account

Could anyone explain if the 3 months arrears means 3 consecutive months or just 3 in total? I realise this may seem obvious to some but just depending on what way we look at it has very different consequences!

Thanks :-)

Gary123456790

If you are reading terms and conditions on lenders websites trying to find someone who might lend to you, you are wasting your time! If you have multiple late payments then you need a broker to find you a good mortgage deal, otherwise you're very likely to just get rejections from whoever you apply to.

Gary.

Thrugelmir

I would read it as any within the given time frame.

Makes no difference if there are consecutive or separate. You've still paid late on that many occasions.

Three strikes and you are out.

sleepyheadalk3

Thanks for the replies. We have a broker already however I'm waiting on my sa302 for this year before we can take things further and look at our options so currently scaring myself in the mean time! The most recent late payment was 18 months ago and the others before that so I was just trying to find out how serious they are. They were from one card which I stupidly never changed the address from so payments were sometimes days late. Bit annoying that it was a balance for a few hundred and my 3 other cards with much higher balances are all in the green for the last 5 years. All cards have been cleared for the last six months or so.. Fingers crossed. Thanks :-)

Wanted to add also is been 4 in total the last 2 years and none of them were consecutive.. All show as 1.