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Late payments and remortgage.
stebiz
Posts: 6,592 Forumite
Had a mortgage 20 years and never missed a payment. At present I'm about 20% LTV. I would like to move this up to about 60% LTV.
No Defaults or CCJ's but some late payments due to me being very busy in work.
How long before the banks stop looking at them. It wasn't to do with ability to pay. Not missed a payment now in 4 months.
No Defaults or CCJ's but some late payments due to me being very busy in work.
How long before the banks stop looking at them. It wasn't to do with ability to pay. Not missed a payment now in 4 months.
Ask me no questions, and I'll tell you no lies
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Comments
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No Defaults or CCJ's but some late payments due to me being very busy in work.
Very lame excuse. So busy that you don't stop for a break at any time. Nor do you work 24 hours a day. Set up direct debits.
Lenders aren't going to consider lending you thousands of pounds if you incapable of running your personal finances properly.
Fortunately time heals. Let the late payments age for a while.0 -
I'm not disagreeing that it's a lame excuse. Been busy making money and had other things on my mind. Was looking to remortgage to buy another Buy to Let property to add to my portfolio. Just wondering about 'time' - clear for 4 months now. ....................6, 12, 18 ??Ask me no questions, and I'll tell you no lies0
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They'll stop looking at them after 6 years. How they interpret them will be up to each lender.0
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As already advised these will have an impact, particularly if you have multiple late payments. Did any of them default?
You might want to look very carefully at BTL. The new tax rules mean that these are not the investments that they used to be. I have just rented my flat as I have moved in with my girlfriend. I have reasons other than just financial considerations for keeping it but, if I looked at it in pure monetary terms I would probably be better off selling it and banking the capital.0 -
I'm not disagreeing that it's a lame excuse. Been busy making money and had other things on my mind. Was looking to remortgage to buy another Buy to Let property to add to my portfolio. Just wondering about 'time' - clear for 4 months now. ....................6, 12, 18 ??
If it's a BTL then more than likely you'll need a broker. Use them to guide you. As lenders criteria differs.0 -
No - none defaulted. Just a few missed payments. I'll keep on top of them and apply in about March. ThanksAsk me no questions, and I'll tell you no lies0
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