Late Payment on credit card -mortgare

loanq

Hi Guys
I had approved mortgage offer on a new build. I paid 10% deposit and exchanged contract based on that offer. I have to pay 5 % in next month before completion. Total 15% deposit.
In july by mistake I paid late on a credit card. This was highlighted in my recent credit report and my broker called me today that they have asked the reason why. I told him that it was by mistake.
This is the only late payment I have made.
Just worried what will happen to my application as I have exchanged the contract now.
Thanks

kingstreet

It is ESSENTIAL once your mortgage offer has been issued and even more so if you have exchanged contracts as well that you ensure your payments are all on time and that you avoid any applications for new credit or anything else which requires a credit search.

This could affect your mortgage offer and in the worse case scenario, see it withdrawn.

Bonfire_Bride

How late was the payment? It is dangerous as it may indicate that you are struggling with finances (even though this may not be the case).


What did your broker say?

GirlBoardingSchool

If it helps from my experience: I applied for a mortgage and had 3 recent late credit card payments. I submitted a letter where the bank said it was due to a 3rd party fraud on my card & I paid off the card in full. My credit rating went from A to C but I still got approved. I'm unsure if any of my actions made a difference to the decision though.