One late payment on credit file. What may effect on mortgage application be?

anticlaus105

I will be applying for a mortgage in the next few months with my wife. I have my own business (with several years’ accounts) and a deposit of around £80k. I nearly own a commercial property outright. We are looking at properties in the region £250k and with a bit of negotiation hoping to end up with a mortgage under £150k.

My wife informed me late last year she had forgotten to pay a Next account on time. She was heavily pregnant at the time. Last night we pulled our credit files and this is now recorded in Oct 2014 as a late payment on her file. My file is clean. She has had a couple of loans previously (all paid off in full without error) one being for £15k took out around June 2011. She has other credit accounts that have all run perfectly and currently no or minimal credit utilization.

We have read a few stories where people have been refused a mortgage based on something as simple as one late payment being on their credit file, despite years of decent credit history. We intend to contact a broker in the near future but I was looking for opinions as to whether this is likely to cause any major effect, and also if it may result in a more onerous mortgage interest rate if we are accepted?

stassy23

Im waiting on a dip from nationwide it went to refer as i have one late payment on credit file back in 2010 broker not to worried never had problems getting a dip from another lender been a week now still waiting on the outcome.
Sorry not much help but want to wish you all the best.

anticlaus105

Cheers stassy23. I hope it all goes through ok for you.

How far back do they look? 2010 is a long time ago now

I should add that we have no joint finance/accounts and are not financially linked on our files. I want the process to be as straightforward as possible and for us to get the best deal possible. I don't want any lenders written off due to this if possible.

stassy23

Well ive just had an email from broker i have my dip yay! Been stressful not looking forward to more!
Im not sure poss 6yrs but dont quote me on that.
I know they have done a hard credit search and soft one.

andyfromotley

I got a mortgage of NW with one missed payment about two years before application. It really wasn't an issue.

Obviously yours is more recent but i can't imagine a single missed payment in an otherwise good credit history would be too damaging.

Teaandtoast0124

Nationwide allow 3 missed payments in 3 years. It states that on there website