Worried My Mortgage offer will be withdrawn?!?!?!?!!?!?

nmillar87

HELP!!!!
I recently got a mortgage in principle from NatWest, I found a house and had offer accepted. I then provided NatWest with my wage slips etc and they conducted a credit check on me before giving the go ahead for the survey.
Since then due to a misunderstanding I have made a late payment on my Virgin credit card. It hasn't shown up on my Experian credit report yet but I am expecting it to show a late payment in the coming days.
I am now really worried that NatWest will conduct another credit check on me before the purchase has been completed and withdraw their mortgage offer.
Does anybody know if NatWest will conduct another check on me and if so will the missed payment have a big affect???
I am also worried that they may do the check after the exchange of contracts and would like to know could they withdraw their offer after the exchange in which I would lose my deposit....
Has anybody else been in a similar situation as I am having sleepless nights with worry.
Any help appreciated!

Jeffrey_Shaw

Honesty's always best. Why not contact NWB? Explain your misunderstanding that led to a late payment on your Virgin credit card. By providing proper details, you enhance your trustworthiness in NWB's eyes, surely. If you show a good explanation, the offer of advance ought not to be affected.

nmillar87

I understand the idea of honesty is the best policy but if they don't do another credit check then I should be ok, it's just the risk if they do decide to carry out another check... Do you think they will do?
I have just written a letter to mdna who is the company responsible for virgin credit cards, I have explained the misunderstanding and that it is my only late payment in 2 years. I have asked that they change my credit report. Do you think they will?

zarf2007

nmillar87 wrote: »

I understand the idea of honesty is the best policy but if they don't do another credit check then I should be ok, it's just the risk if they do decide to carry out another check... Do you think they will do?
I have just written a letter to mdna who is the company responsible for virgin credit cards, I have explained the misunderstanding and that it is my only late payment in 2 years. I have asked that they change my credit report. Do you think they will?

Personally I would say nothing as they are unlikely to check again and if they do just explain the situation and that you are working to resolve it. Honesty is not the best policy in this world, if it was every dishonest git would get there's but life isn't like that.

Stinkybell

It really depends on what stage of the process you are at - a decision in principle is no guarantee of acceptance for the mortgage. Be aware that if your timescales are long, they will check again, even after exchange. I know someone who had their mortgage pulled after exchange as she'd bought some furniture on a 0% credit card and Nationwide decided it was outside of her affordability.

TBagpuss

I think a lot will depend on the mortgage - what proportion of the purchase price are you borrowing, and how close to the maximum they were willing to lend are you?

The higher risk the mortgage is for the bank, the more likely they are to do further checks - so if you are a first time buyer with a 95% mortgage they are probably more likely to do further checks than if you are an established customer borrowing 80%.

Have to made up the late/missed payment?

I think honesty is the best policy - if you speak to the bank, and are able to tell them that there was a late payment, the reason for it, and that it has been corrected, then you are much less likely to withdraw the offer than if you don't mention it and they then find out. Also, in a worst case scenario, surely it would be better to know if they are going to withdraw it or add extra conditions now, than after you exchange.

The sale of my previous house fell through because my buyer failed a late credit check and his offer was withdrawn, so it can happen. He was borrowing 95%.
I don't know about NatWest specifically so can't comment on what their policy is or how likely they would be to do a late check.

nmillar87

I am borrowing 90% of the property value and I am not close to the maximum they would borrow as I decided to buy a cheaper property which needed some work (nothing serious).
The survey is getting done on Wednesday and they have accepted the mortgage application, it's not just a mortgage in principle. There is also no chain whatsoever so I am expecting the purchase to go through quickly.
I am going to settle the credit card tomorrow, do you think this will improve the situation?
Also I called my mortgage broker earlier and he said he did not think they would do another credit check but could not be 100% so it seems a bit of a risk.
Also the credit card has refunded the late payment charge for the misunderstanding but wouldn't change the late payment on my credit report over the phone. I have written to head office to request they change it and explained my situation. Do you think it's likely they will change it?

MamaMoo_2

How late is the payment? If you're expecting things to go through quickly then it may not even show on your file before you complete.

*LolaB*

How many days late was your payment? Your card company will only report you as being late on your credit file if they payment is over 30 days, so 1 month in arrears. If it's less than this then it's likely you will only have a late mark on your card issuers own system.

ruggedtoast

Exchange and complete on the same day. :beer:

nmillar87

I paid the payment a day early because I was trying to keep ontop of my bills because of the mortgage but didn't realise until the next month when I came to pay because my minimum payment was double and I was charged £12 so it is borderline 30days.
This is my first time buying a house, is it possible to exchange and complete on the same day???