Mortgage and late payments

Cornishbird_2

I know this question has been asked before but there doesn't seem to be a one size fits all answer, so I'm going to ask again and thank you in advance for your patience!

Right first question is a late payment the same as a default? Probably a very simple one, but the terminology seems interchangeable and I just want to be sure we're on the same page.

My situation is this, we have an offer accepted on a house for £200000 we have £30000 for deposit giving us 85% ltv me and my partner combined have an income of £42000pa

My partner has a spotless credit history and the only debt he has is loan for a car which is currently £240per month with 3 years to go.

I have no debt BUT I do have late payments marked on my credit file, although none in the last 2 years. I have a "1" from two and a half years ago on an overdraft (went over the limit, went on academic placement abroad) and another "1" from 3 years ago on a Dorothy Perkins card (no explanation, just stupidly forgot), these I understand are problematic. However, what is concerning me more is a cluster of late payments (three "1s" and a "2" all on Dorothy Perkins card for an amount of around £120) from when I lost my job, these are on my file but occurred 7 years ago. I understand that the file is still open because I only closed the account in 2011, what I want to know is will the late payments still be taken in to account in a credit search seeing as they are outside the 6years or do the only drop off with the whole of the account after six years from closure ?

Back to the mortgage, we have an AIP with natwest which we'll be taking to full application next week but I am worried sick that because of my stupidity it's going to be a NatNo!

Thanks in advance for any help or advice you can offer

Dave_Ham

Natwest still seem to be unpredictable as a lender currently, although if they did decline (which I think is unlikely) then there would be other lenders and probably at better rates.

Late payments are not the same as defaults, defaults are far more serious.

All the best

kingstreet

A default is usually three consecutive missed payments, shown as "321" on your credit account history on your credit file. Then the status shows "8" to indicate a default.

A late payment would be evidenced as a 1 among a string of 0s, for example 0000100000 would suggest a late payment was made five months ago, but was rectified immediately and the account was otherwise conducted properly.