Mortgage application with two recent missed payments on credit file

bitsandpieces

I recently managed to miss two credit card payments on the trot, for under £50 total (I know, I am an idiot :mad: The missed payments were caused by problems with DD authorisation, and me being ill, and me being an idiot). I'm renting now and hoping to buy a home soon, with around 50-70% deposit.

I guess with a good deposit and low loan:income ratio (property is comparatively cheap here) I'll be able to get a mortgage of some sort. Any guesses on how much of an issue two missed payments are likely to be?

Thrugelmir

Speak to a broker and they'll guide you in the direction of lenders who'll accept the late payments.

bitsandpieces

Thanks. Have got an AIP prior to this mess up. Wonder how much this will restrict me...

Best to speak to broker now or when I've found somewhere? This could be a while (prices are pretty static here, and the place I'm renting is nice, so I'm in no great rush).

bitsandpieces

Right - I've looked at my Equifax report now and it shows two missed payments (with a balance on the card of under a fiver) from February. Will give a broker a ring, but wonder if this is likely to be much of an issue, and whether it's worth putting a Notice of correction on my file.

Did I mention I'm an idiot - all this hassle for under a fiver

LondonGal

It won't harm to put a NoC on it, but unless you hit a really harsh lender, I think you'd have good grounds to appeal any rejection.

ACG

Notice of correction may delay a DIP, i read a post on here the other day where it delayed it.

Notice of corrections are useless, just a waste of time.

Because of the deposit getting over the late payments should not be a problem. It will knock out some lenders, but i dont think it will be enough to stop you getting a half decent rate - mostly because of the deposit.

bitsandpieces

Thanks - spoke to broker, and sounds like it shouldn't be a problem. Now I just need to find somewhere I want to buy

LondonGal

Great news. :beer: