Missed Payments vs Late Payments

CloverFTB

Hi,

I was looking at some criterias for self cert mortgages however I'm not sure what is meant by Missed payments, for example:

Arrears – Applicants must not have missed any secured loan or mortgage payments within the last 12 months. Advantage will not allow more than 2 missed payments in total in the last 12 months across all unsecured credit including mail order accounts. Accounts settled over 12 months ago will be ignored.

I have had 4 late payments on a credit card in the last 12 months however no more than 2 consecutive late payments before paying up to date, and no late payments in the last 3 months. Does the above statement apply to that or completely missed payments?

Many thanks for any advice

Clover

Kiernan809

Late payments generally do not become missed payments until they are unpaid by over 30 days. This may be for only mortgage companies and may be different for each company.

Also your credit card is not a secured debt and should not apply anyway.

CloverFTB

Thanks Kiernan, I wasn't sure becuase they mentioned unsecured credit. Hopefully the late payments aren't classed as missed. (fingers crossed)

Clover