Mortgage app- advice please

decsdad

Hi All,
We have accepted an offer on our house and had ours accepted on the new(to us) house that we are after.
In anticipation of the mortgage application I planned on clearing some small credit card debts, and when I logged in I found I was late with a payment(3 days), the statement went to my junk mail folder so I didnt realise it was due, and hadnt set up the min dd to pay it as I was planning to clear it immediatly and close it.
I called them and paid the balance in full, they waived the late payment fee but advised it will appear on my credit file.
They said they cant take it off the file because it wasnt their error.

We are now very worried about the mortgage app and would like some advice perhaps from some mortgage advisors as to the implications/solutions to this.
if it helps purchase price 250k
ltv 75%
combined income 80k
hoping to use ybs

Many thanks.

jcgalliard

decsdad wrote: »

Hi All,
We have accepted an offer on our house and had ours accepted on the new(to us) house that we are after.
In anticipation of the mortgage application I planned on clearing some small credit card debts, and when I logged in I found I was late with a payment(3 days), the statement went to my junk mail folder so I didnt realise it was due, and hadnt set up the min dd to pay it as I was planning to clear it immediatly and close it.
I called them and paid the balance in full, they waived the late payment fee but advised it will appear on my credit file.
They said they cant take it off the file because it wasnt their error.

We are now very worried about the mortgage app and would like some advice perhaps from some mortgage advisors as to the implications/solutions to this.
if it helps purchase price 250k
ltv 75%
combined income 80k

Many thanks.

Depends who the lender is. Our application got referred to the senior underwriters because of one late payment on our credit card. Unfortunately, some lenders are really picky.

MoneySaverLog

jcgalliard wrote: »

Depends who the lender is. Our application got referred to the senior underwriters because of one late payment on our credit card. Unfortunately, some lenders are really picky.

If they are that picky and it does get referred, just explain what caused the late payment.

decsdad

Any other words of wisdom guys ?

Wh05apk

YBS do not deal through brokers, so cannot comment directly, however Accord are part of YBS who we do use, but tend to avoid as they can be picky and awkward.


At this stage, I would suggest getting an AIP done and see where you stand, otherwise you may be worrying over nothing, if it fails, then do not keep re-applying, seek a broker and take advice so you can apply where you will have the best chance.

ethank

Wh05apk is giving you the correct advice.

Have you done a recent credit report - it might take a few weeks to filter through.

decsdad

Thanks guys

Not done a credit report, was planning to though. If YBS aren't likely we may just stick to our current mortgage provider.(RBS)

ethank

Don't do anything before you get your credit reports!

decsdad

I've phoned the cc company and they said they'd change it from a late payment to a "query" on the credit reports.....

Will this make any difference ?

decsdad

Anyone ........?

pinklady_2

This happened to a friend of mine and I remember she was panicking too.

I think the credit card company only reports to equifax and experian once a month, so if you make your application before then, perhaps it won't have been reported.

Also, if you made the payment late, but before the cc company reports to equifax and experian, there may be nothing to report.

I would sign up to experian on the 30 day trial and have a look. They also send you alerts of anything changes on your credit report.

Good luck.