One late payment in Nov...what are my chances of getting a mortgage?

ironlady2022

I was on holiday Oct and had a blonde moment and didn't realise I hadn't paid my bill til it came through the door resulting in a late payment in Nov. My credit file is perfect otherwise with no debt on credit cards or any late payments. Have I just blown my chances on getting a mortgage for the first time? Or what effect will it have on my credit file. Will they see this as a one off and let me get away with it? Will I have to face a higher mortgage interest due to this?

Katekoom

I'm no expert, but here's what happened to me.
Perfect credit score for years and I had the blonde moment, forgot about an old bank account, an automatic payment came out of it and subsequently put me in the red. I didn't know about it because it wasn't registered to our current address so it started to build and build, until a £10 payment turned into a £100 debt. As soon as I found out I contacted the bank and paid (or at least thought I did - actually paid it into the wrong account, but that's another story!) my credit report shows two late payments still outstanding and I was seriously worried about being accepted for our mortgage.

But, we got accepted a few days ago for a 95% mortgage. I'd say don't panic. It was an oversight and most lenders have ways to establish what is an oversight and what isn't. What I've learnt (through my panic) is that you can a) add a note of up to 200 words to your credit report that gets supplied with it when requested by a company b) if you get denied a mortgage because of your credit score you can request that they reconsider and explain the oversight.

I think you'll be fine.

frostyfeet

This happened to me the month before I applied for a mortgage. In my case I thought I had paid it but must have forgotten to press the 'confirm' button or something! I phoned up my credit card company and asked if they could remove the late payment from my credit file. As there was no history of me doing this before they were happy to. It didn't crop up in my mortgage application and I was accepted. Give them a ring!

Babybell86

Hi Katekoom,
How did you get your mortgage through?
I am in a similar situation and looking to be FTB in the new year!

Thanks

Keekles

A blip here and there is perfectly acceptable to most lenders. As you said, it was a 'blonde moment' or an oversight; they're not going to score you down significantly unless you had several missed payments / arrears etc.

Don't fret