Will late payments affect a 60% mortgage?

MillieJane

Hello. My partner and I are looking to move house as we are relocating. We have just over a 40% deposit (equity). He has had a mortage for 14 years in total and I came on board 10 years ago when we met. We have 3 dependendents between us (and a step son who stays with us at times). I am not working at the moment (1 year old twins). Having had a bit of a hectic year with the early arrival of our twins and then just being very busy I have made three late payments to my credit card this year. Stupid I know and I am very cross with myself. My credit card bill never exceeds £400- right now I have about £250 on it. We have no other debts. My partners record is squeeky clean. Is this blemish likely to affect our application with a high strret bank?

monty-doggy

You need to check your credit files and see if they appear on there. Then get copies of your files to a really good independent broker who should be able to find the best solution.

Good luck.

holly_hobby

I am assuming that the very recent late payments were a simple oversight (although 3 times in just 6 mths may be stretching it from a lenders point of view), but importantly not due to a funds issue (ie could have be a ddm issue, or you now have them on ddm whereas before you didn't). With each time you missed the scheduled collection, you paid this before next collection date i.e this didn't turn into an arrears situ.

To which the late payments, if recorded by the firm with CRAs, will naturally be taken account of in the credit score process - but even with this, you having a 40% deposit may still help you achieve standard rates, depdending as I say, whether they accept the reasons for 3 late payments in 6 mths (ie already 50% of this yrs payments have been late to date), the strength of the rest of the application, affordability and status checks.

The alternative is to apply to a non-credit scoring lender (smaller building societies), whom will individually take account of the issues you raise, and listen to the underlying basis for the blips, and why you believe its not representative of how you ordinarilly manage your accounts.

Suggest taking your credit reports to a whole of market broker, and let them do their thang with this !

Hope this helps

Holly

kingstreet

Just how late are we talking and as already requested, are they visible on all, or any, of your three credit files?

MillieJane

Up to one month late according to the credit check I did- I paid around the deadline but from what I can see late is late.

Only checked experian.

I should correct myself too- I do not mean 3 this year (as in 2013), I mean 3 in the last year.