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Advice needed please guys.
midlander81
Posts: 205 Forumite
Hi Folks,
I previously posted this in the DFW forum but have been advised to post it here. Would welcome some advice....
Hi everyone I am a regular blogger on here but today I am asking for advice for my brother. About four years ago he was made redundant and got himself into a bit of a mess. He hasn't got about 10 late payment markers on his credit file from this period. They are all '1' late payment markers and he has no defaults or ccj's.
That last late payment marker is from early 2012. Fortunately he secured new employment and has cleared almost all of his unsecured debt.
These payments have been on time since early 2012 and his credit file now shows as excellent he is aware that that doesn't always mean much in reality! He is now looking for a new mortgage but is concerned that the late payments from three years ago will have an adverse affect on his ability to secure a good deal.
Do you think that the late payments from three years ago will have a massive impacts know that he is back on track and has been a good player for the last three years. He knows that the payment markers will be visible for six years but do they become less of an issue as time passes?
I previously posted this in the DFW forum but have been advised to post it here. Would welcome some advice....
Hi everyone I am a regular blogger on here but today I am asking for advice for my brother. About four years ago he was made redundant and got himself into a bit of a mess. He hasn't got about 10 late payment markers on his credit file from this period. They are all '1' late payment markers and he has no defaults or ccj's.
That last late payment marker is from early 2012. Fortunately he secured new employment and has cleared almost all of his unsecured debt.
These payments have been on time since early 2012 and his credit file now shows as excellent he is aware that that doesn't always mean much in reality! He is now looking for a new mortgage but is concerned that the late payments from three years ago will have an adverse affect on his ability to secure a good deal.
Do you think that the late payments from three years ago will have a massive impacts know that he is back on track and has been a good player for the last three years. He knows that the payment markers will be visible for six years but do they become less of an issue as time passes?
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Comments
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All late payments will count against you but from over three years ago it wouldn't be that big a problem. If he has a good credit history for the past three years I think he would be able to get a mortgage somewhere (assuming affordability etc is okay)Changing the world, one sarcastic comment at a time.0
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Starting point should be to find out what's on offer from the existing lender.
Remortgaging to a new lender costs money. This may be better directed at clearing the remainder of the unsecured debt.
Time does heal. Though anything that can be done to improve matters helps.0
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