HELP! Late payment before completion

DHanton

Hi,

Me and my partner are purchasing our first house and are due I complete next Friday 21st.

I have a very account with £290 on it which I pay each month.

On Monday 10th I received a text from very to say I missed a payment that was due on the 7th. I have since made 3 payments to the account to try and redeem myself but now I'm sick worried that the lender will find out and withdraw their offer!

I have spoken 3 different advisors at very and they said to relax and this shouldn't have an affect on anything as we have already received our offer.

Can someone advise if lenders are likely to do final checks on completion?

I would also like to mention that the statement for my very account comes out today and very said it will show that I have paid before the statement is due. If I paid after the statement that's when I should worry.

Richey_

If it's the first missed payment why not just ring Very, give them a sob story why you didn't pay and ask as a guesture of good will either remove the late payment marker or not report it as it's a one off and there's a sob story why you missed the payment.
If you don't ask then most likely a late payment marker.
Also may be worth looking on a CRA (use Clearscore or Noddle as free) and see how long after payment they report to CRA, it's usually a good few weeks after

enthusiasticsaver

I don't think lenders check again before completion. If all was fine at application stage you should be fine. Why not set up standing order or direct debit to very to avoid this happening again?

mrginge

enthusiasticsaver wrote: »

I don't think lenders check again before completion. If all was fine at application stage you should be fine. Why not set up standing order or direct debit to very to avoid this happening again?

Lenders can and do re-check at any point up until completion.

The answer to the OP is that although it's very unlikely to be re-checked and flag up at this late stage, it's too late to do anything about it.

Edit: unless you haven't yet exchanged

Soot2006

It's too late to do anything but fingers crossed they don't recheck and even if they do they don't consider it enough of an issue. I think many people have blips just before completion. I slipped into unauthorised overdraft for the first (and so far only) time ever because I was so preoccupied with house buying things that I didn't make a transfer. I've heard of many people doing similar things and I would hope it works out for you and by this time next week you'll have forgotten all about it again -- Enjoy new house xx

Bossypants

Soot2006 wrote: »

It's too late to do anything but fingers crossed they don't recheck and even if they do they don't consider it enough of an issue. I think many people have blips just before completion. I slipped into unauthorised overdraft for the first (and so far only) time ever because I was so preoccupied with house buying things that I didn't make a transfer. I've heard of many people doing similar things and I would hope it works out for you and by this time next week you'll have forgotten all about it again -- Enjoy new house xx

This. As one mortgage broker said to me, 'lenders want to lend, and they want to find responsible people to lend to'. The point of credit checks is to flag up people who either can't or won't pay their debts, not people who slip up once, immediately rectify the situation and then overpay multiple times in a flurry of panic and guilt. On the off-chance that it does come up (highly unlikely IMO, but possible), just make sure you have the statement from Very showing the overpayments to hand, and get on the phone with the lender as soon as possible.

Also, are you sure that the lender will be able to see this missed payment? From your description it sounds like Very sent you a reminder text, which they would usually do before taking any real action on the account, both as a courtesy and to save themselves the effort. If that's the case, and you rectified the situation immediately before Very took further action, I doubt that the missed payment would even be visible to the lender.

DHanton

Thanks everyone for your advice and help.

I think I will be ok, I work in the mortgage industry and colleagues advised I should be fine. I've had a formal offer from Santander and exchanged contracts 4 weeks ago.

Due to vendor being away, completion wasn't able to be sooner which is why we chose next Friday.

When I spoke to one advisor at very they said the late payment charge would be removed as I have made 3 payments since receiving the text message from them.

If I was to check Experian would this flag with the mortgage lender?

I usually pay on time but we have had the most stressful process with this house (due to restriction problems at land registry) I completely forgot and my head just wasn't as organised as usual.

lewishardwick

I'd stop worrying.

I used to have a barclaycard and as it had been dormant, I'd deleted the direct debit. Cue me using the card for an online purchase and forgetting to pay on time. I paid a day or so after receiving a similar text. Paid off in full. No late payment marker on my credit file.