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Missed payment on mortgage - applying for new one - advice please
halloweenqueen_2
Posts: 3,312 Forumite
Hi
I'm asking this for a relative who hasn't got a computer, so please be gentle with them!
They remortgaged about 4 months back to buy a property which they rent out. They have now decided to move themselves to another area for better schools etc for the kids and have decided to go the way of a self cert mortgage to get the house they want. Everything has been agreed in principle except the company want 12 months proof of paying the mortgage every month on time, this is fine except for one blip in September last year when they went on holiday and were £30 short and the payment wasn't made, there was plenty of money in the other account they held and they remortgaged succesfully six weeks after that to buy the other property. It was a problem of timing as a payment went out that wasn't supposed to not the fact they couldn't pay, is there any way around this for them or are they stuck until this Spetember?
I'm asking this for a relative who hasn't got a computer, so please be gentle with them!
They remortgaged about 4 months back to buy a property which they rent out. They have now decided to move themselves to another area for better schools etc for the kids and have decided to go the way of a self cert mortgage to get the house they want. Everything has been agreed in principle except the company want 12 months proof of paying the mortgage every month on time, this is fine except for one blip in September last year when they went on holiday and were £30 short and the payment wasn't made, there was plenty of money in the other account they held and they remortgaged succesfully six weeks after that to buy the other property. It was a problem of timing as a payment went out that wasn't supposed to not the fact they couldn't pay, is there any way around this for them or are they stuck until this Spetember?
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Comments
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They can apply and if they show the statements on the other account for the same period, the new lender can take that into consideration.
Of course, that assumes that they made up the payment and didnt fall into arrears.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
They said they phoned the mortgage company and sent a cheque as soon as they saw what had happened when they got back so it was only 8 days late in all. Thanks for your reply.0
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