Mortgage application with recent late payment

charzie

Hi my partner and I are FTB, and have received an mortgage in principle with Natwest and have made an offer on a house. We have a 5% deposit and the house is 3.6x income so we are within Natwest's income ratio. We have an appointment with Natwest next week so we checked our credit reports and I noticed that there is a late payment from a Next directory account from last month on my report. I checked with Next and they refuse to remove it as the payment was late due to technical difficulties in making he payment while I was abroad on holiday. The payment was made 6 days after due date and for the full amount of £49. The rest of my report is clear bar 3 other late payments which are scattered between 2011-13. I have an excellent score on Equifax despite the late payment showing up on the report and a good score on Experian which was excellent before this most recent late payment. All my other credit accounts are paid in full each month and I am using less than 25% of available credit. My partner's report is completely clear and he has an excellent rating on both. I know credit score don't mean much to underwriters and it's more how we have handled my accounts so would you advise we pull out of this sale? Is there any hope of us passing through the underwriting process?

hcb42

I would wait and see..(apart from setting up a DD for min payment to Next)

amnblog

No way of knowing without the credit score being run.

fairyloveheart

I don't think that will be a problem. My broker says they don't worry too much about the one late payment as long as it isn't in row, lots of late payments or a pattern over the report - so that is shows you have overcommitted

charzie

Thanks guys, that's encouraging. We might get a broker involved rather than proceeding on our own. Fingers crossed!

Kyliewiley

Charzie, just wondering how you have got on with your application? We're about to submit an application to Santander 85% LTV and we have a late payment in June on credit record. Hoping for some positive feedback