1 late mortgage payment - what's the damage

jonnybeegood

Hi

I messed up and paid my mortgage a day late (2 days by time the payment cleared). I have had the mortgage for 10 years with no previous issues.

What impact would this have if I apply for a new mortgage in the next 1-2 years? Not sure whether it has been logged on my credit report yet.

Thrugelmir

Most likely no impact in that time frame. Set up payment by either direct debit or standing order to avoid future occurrences.

BJV

Providing that you make all your payments as normal from here on in? It will not make a massive difference so long as any other debt is up to date but it will depend on the company at the time.

One late payment is easy to explain anyway, two three a string of other debts unpaid is a pattern.

P.s as other post set up a dd then it will never be late again.

ACG

When was the late payment?
How much is your home valued at/how much is the mortgage (or just the LTV if you prefer).

Chances are it wont prevent you from getting a mortgage with most lenders but it might throw a couple out.

WillyWonga

Depends on the date the mortgage payment was due.

Most banks report to credit reference agencies at the end of the month. If your payment was due on the 15th and it credited on the 17th then there will be no negative effect as when the bank reported at the end of the month you were up to date.

That is why it is better to have a payment date at start of month and not at the end.

Eg payment due on 30th and credited your account on 1st would leave an arrears marker on your account as when reported who were 1 month due.

jonnybeegood

ACG wrote: »

When was the late payment?
How much is your home valued at/how much is the mortgage (or just the LTV if you prefer).

Chances are it wont prevent you from getting a mortgage with most lenders but it might throw a couple out.

Hi, My house is worth between 140-150k and I owe 77K