Arrears and/or Late Payments?

FTB07

Hi, I'm just looking at some criteria for a mortgage however I'm a bit confused...

Can anyone tell me if Arrears mean just loan and mortgage missed payments or does it also mean late payments on Credit cards?

Many thanks for any help.

FTB07

luckyfool

Generally arrears will refer to missed or late payments on a mortgage or other secured debt unless otherwise specified.

Whats_my_age_again

just bumping this one up.

We are looking for a 100% mortgage. One of us has a poorish credit history with a few missed payments/arrears on credit cards and store cards. But NONE on mortgage, rent or secured loans. So when it comes to the mortgage brokers system when asking for number of arrears should it be 0, or should it be the number of credit/store card missed payments/arrears?

Our mortgage broker has used the latter and has therefore found very very limited options for us. However if he was working on the basis of 0 arrears he would come up with a lot more.

Can someone in the know please advise.

Hoario54

Couttsy wrote: »

just bumping this one up.
Our mortgage broker has used the latter and has therefore found very very limited options for us. However if he was working on the basis of 0 arrears he would come up with a lot more.

Most lenders have tightened their lending criteria significantly over the last 4 weeks which is no doubt leading to the difficulties your broker is having in finding a wider choice of product.

Personally I would like to see the broker being proactive and speaking to various lenders to see if he can explain the situation and secure the best deal.

If he is using a lenders automated system to check for acceptance it will check your credit file and will simply see arrears and not distinguish between the different types, usually creating a "decline".

The broker needs to get on the phone and talk to some humans...