Late payments and getting a mortgage

Kate54

Hi everyone, I'm new here and just looking for a lil advice. It has probably been asked a million times before but I will go ahead and ask anyway

I am currently saving to hopefully get a mortgage with my partner and was wondering what the effects of late payments will be? I have 5 late payments on my file but they where only late by one month each and all where paid in full. Im really worried that this is going to affect our chances and I dont want to let him down.

Any advice would be amazing, thank you!

Thrugelmir

When are they dated?

but they where only late by one month each

If your employer paid your salary a month late you would be up in arms about it.

The_Boss

Thrugelmir wrote: »

If your employer paid your salary a month late you would be up in arms about it.

Very good point there!

YorkshireBoy

Kate54 wrote: »

I have 5 late payments on my file

5 products all late the same month?
Same product, 5 consecutive late payments?
Or an ad-hoc approach to making payments on time, ie spread over several months/years and over the same/different products?

Any advice would be amazing

Time is a good healer!

GingerBob_3

Thrugelmir wrote: »

When are they dated?



If your employer paid your salary a month late you would be up in arms about it.

Quite so, but there's little I could do about it. I couldn't for, example, file a late payment marker on some database that would cause my employer to lose business (not that I would want them to lose business. 'Employer' is a bad example you've chosen). Unlike creditors, who have this marvellous system which allows them to report the merest trifle against someone and potentially screw their chances of getting credit for years to come.

The_Boss

^ I think the point is that the OP said that the late payments they made were "only" a month late, showing that they did not consider being late by a month to be important, that it was ok to pay late and that there was nothing wrong with it, there shouldn't be any sort of fallout from this etc. Hence the point about how they would feel if their salary was paid a month late.

Quimoi

The_Boss wrote: »

^ I think the point is that the OP said that the late payments they made were "only" a month late, showing that they did not consider being late by a month to be important, that it was ok to pay late and that there was nothing wrong with it, there shouldn't be any sort of fallout from this etc. Hence the point about how they would feel if their salary was paid a month late.

The analogy falls down when you consider that for most individuals their salary is their sole source of income each month. To a lender the OP's repayment would probably only account for something like 0.01% of their monthly revenue. If you earned £1000/month and your employer paid 1p of it late how upset would you really be?

There is definitely a disparity between individuals and companies when it comes to payments. When was the last time you got to 'punish' a company for having to chase them to issue a refund or provide a promised service?

Sadly in this case though I agree that if they were 5 late payments in the recent past this will make lenders wary. More detail required from the OP really on when/how much etc.

davisc02

If you have 5 recent seperate late payments of a month each I would be suprised if any of the main lenders would touch you, especially at the moment as they are extra picky. If they were spread over say a six year period and you had been on time on all your payments for the last year or two then I would of thought you would be ok.

adindas

Kate54 wrote: »

Hi everyone, I'm new here and just looking for a lil advice. It has probably been asked a million times before but I will go ahead and ask anyway

I am currently saving to hopefully get a mortgage with my partner and was wondering what the effects of late payments will be? I have 5 late payments on my file but they where only late by one month each and all where paid in full. Im really worried that this is going to affect our chances and I dont want to let him down.

Any advice would be amazing, thank you!

Hi Kate
I had one late payment back over six years ago. The late payment is less than £50 and just for a few days (so not even a month) because of administrative mistake. Also I could argue it was not my fault. In fact I got late payment fee refunded. But because of that I could not get my Credit card limit increased. Also I applied a new credit card and it was declined. I will need to wait around six months before I reapplied for another bank products to get approved.

You could always try especially if you have nothing to loose. But if you want an honest answer, imho the credible lenders will consider 5x late payments as a serious matter, as it is something to do with personal discipline in managing personal finance.

You could try with small thing such as to apply for a credit card or bank account with the lender you are targeting to get a mortgage. If approved then you could try your luck with mortgage.

Thrugelmir

Quimoi wrote: »

The analogy falls down when you consider that for most individuals their salary is their sole source of income each month.

So that makes it alright?

If you were self employed running a business for example. I doubt that you would feel quite so charitable.

Quimoi

Thrugelmir wrote: »

So that makes it alright?

If you were self employed running a business for example. I doubt that you would feel quite so charitable.

Nope, it just means that the analogy isn't accurate. It's not my place to judge whether the OP was right or wrong.

The point of my post is that if individuals are to be held to a certain standard in their financial dealings then that same standard should be applied to the financial providers which it currently isn't.