Missed Mortgage payment and lending again

mecham

I have a property I rent out. My father manages the property through his letting company. Over a year ago my father was hit by a car and missed three mortgage payments. I was not aware of this. As soon as I found out I paid all arrears. I have never had any arrears, am very careful and have a good income. However these missed mortgage payments are really affecting any ability to get a mortgage on a commercial property I am trying to purchase. I have been in contact with my main branch as this was recommended to me as being the best option. I had a 1/3 deposit. They have rejected my application based on this credit issue. I am trying everything i can but dont seem to be getting anywhere on a commercial mortgage because of this issue. I have appealed to the mortgage company and go nowhere also. Is there anything I can do left?, do I have to wait 6 years until this is off my credit file until someone will lend to me again.

DCFC79

mecham wrote: »

I have a property I rent out. My father manages the property through his letting company. Over a year ago my father was hit by a car and missed three mortgage payments. I was not aware of this. As soon as I found out I paid all arrears. I have never had any arrears, am very careful and have a good income. However these missed mortgage payments are really affecting any ability to get a mortgage on a commercial property I am trying to purchase. I have been in contact with my main branch as this was recommended to me as being the best option. I had a 1/3 deposit. They have rejected my application based on this credit issue. I am trying everything i can but dont seem to be getting anywhere on a commercial mortgage because of this issue. I have appealed to the mortgage company and go nowhere also. Is there anything I can do left?, do I have to wait 6 years until this is off my credit file until someone will lend to me again.

Apologies if I have this wrong but its your property and your father missed the mortgage payments, why were you not paying the mortgage ?

Anyway, why did he not have direct debit setup for the mortgage ?

Shakin_Steve

Without going into the why’s and wherefore’s of the payments being missed.....yes, you will have these markers for six years. They are a true reflection of your history.

System

Going to have to wait a few years. Wouldn't bother before 3. Only other option is to set up a Ltd Company and apply through that.

SeanG79

Have you spoken to a broker that specialises in whole of market commercial mortgages? You shouldn't need to wait years if you are able to show you had sufficient funds to pay the mortgage via bank statements and explain the issue with your father.