Lending criteria explanation

CiscoKid_2

Hoping someone can help here.

I satisfy the lending criteria for a mortgage with perhaps this exception.

Must Decline if..

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

My credit report shows something like this history on my Credit card. (Everything else is fine)

0010100101 (to me that is not cumulative? 00321000 would be?)

Anyway does that fall into that category?

Many Thanks..

kingstreet

That's mortgage lending criteria?

It looks more like the rules of HTB - Mortgage Guarantee to me.

If it is, you might find the lender's criteria quite a bit tighter than that.

I agree on the substantive issue "321" would indicate three consecutive missed payments. However, I think that would also be showing status 8 and default too...

CiscoKid_2

Thanks, customer side lending criteria seems difficult to find, so the source of that informations is;

woolwichintermediaries/Residentialcriteria (cant post the link)

Are you suggesting, that as a rule, that payment history is a no-no for the high street?

kingstreet

Depends on loan to value and your credit score on that particular lender's scorecard on the day.

CiscoKid_2

So late payments are not automatically (computer says no) declined?

kingstreet

Not in themselves, no.

The overall quality of the case determines if it reaches the benchmark level for a pass.

If you want 75% with late payments, you have a much greater chance of a pass than you would at 90% with the same late payments.

It's down to the lender criteria, how the case fits that and the score on the day.

CiscoKid_2

Thanks for the info kingstreet much appreciated, my situation although not ideal, might be better than I had thought.