credit score

Cartwright11

Hi, this is my first post here so please bear with me!

We have just sold out house and are in the process of beginning to apply for a mortgage. Both me and my husband have experian accounts (mine is classed as good, husband as excellent).
As we are supposed to be speaking to our broker tomorrow, I decided to look in detail at both of our accounts to check all was ok, neither of us have been financial saints in the past, but we have spent the last 12-18 months working very hard to improve our scores, pay off debts, clear overdrafts etc.
Looking at previous years, I have found missed mortgage payments on hubby's account (the last one being 12 months ago, previous ones being 2-3 years ago, with some months being consecutive).
I am very worried this will result in our mortgage being declined. Im also confused as to how he can have such a good credit score with these late payments?
Apart from this we have very little debt, and a clean slate for the past 12 months.
Can anyone offer an insight if we are wasting our time applying for a mortgage? as its Sunday and I can't get in touch with my broker and I'm sick with worry after we found our dream home yesterday!

Westminster

The mantra on this site is that the 'scores' provided by the various credit reference agencies are unreliable at best and works of fantasy on a regular basis. Your husband seems to be a case of the latter.

That said - I am sure a good broker will be able to put your mind at ease.

Good luck.

Thrugelmir

Be honest with your broker from the outset. The fact that you failed to pay the mortgage on time would be a concern for potential lenders.

Senior_Paper_Monitor

HTF anyone's credit history with "missed mortgage payments on hubby's account (the last one being 12 months ago, previous ones being 2-3 years ago, with some months being consecutive)" can be described as excellent by a reporting agency is beyond my comprehension - but by no means unusual in my experience - hence the gazillions of comments to that affect on here and many other sites. So let us not labour that point (on which I have some very strong opinions).


Yes this will (as you have described) have an impact on your application. Hopefully your broker has not commenced any application without seeing your reports in full (we solidly refuse to start any meaningful advice related discussion until we have the reports in our hands - end of !).


Late mortgage payments are a major (very) item - and, together with the whole profile, will decide what is and isn't possible.