late payments and mortgage application

Tommy81

Hey,


I have 8 late payments ( only (1) markers) on my credit file.


If I was to make every payment on time from now on, what impact would these have on a mortgage application in 2 years time? I know that they stay on file for 6 years but would 2 years of perfect payment history override the previous late payments??

BillJones

No, nothing "overrides" the late payments, but lenders may well decide that as you have been doing better that they will still lend to you.

a4a

Correct, they will still be there and lenders usually take into account the last 3 years information (even though there are markers for 6 years).

Who knows what will happen in 2 years time. Interest rates are likely to rise so lenders may be stricter, on the other hand, with rising property prices they may well be more relaxed but the sooner you start paying on time and having green markers, the better.