Will 1 late mortgage payment hurt us if we try to move house?

bezza59

Hello Everyone,

Due to a DD mix up, out last mortgage payment was returned. I noticed quickly and called the bank and made a manual payment. HSBC said this will most likely result in a late payment being logged on our credit file. As the payment was late, I can't reallly argue this

We have paid out mortgage on time for 12 years so this is annoying. We are hoping to move in 2 years or so. Will this massively affect us getting another mortgage? Our other 'data' should look ok. - Zero unsecured debts and seeking a LTV of approximately 65%.

Will this one slip up come back to haunt us in 2 years???

kingstreet

Probably not.

ACG

In 2 years it will probably be within criteria with 99% of lenders, so you should be fine on that front. It will need to pass the credit check, at 65% LTV and a 2 year old late payment I Would expect this to pass with most lenders.

When the time comes, just check with the lender (or a broker) beforehand. But I would not be overly concerned.

TrickyDicky101

How would a DD mix up which is presumably not your fault impact your credit file? Do you mean there were insufficient funds in your account to make the payment hence it was rejected?

enthusiasticsaver

I don't think it will but keep any correspondence. Was the late payment your fault or the banks?

enthusiasticsaver

I would check your Noddle credit file in a month or two and see if there is anything showing.

bezza59

TrickyDicky101 wrote: »

How would a DD mix up which is presumably not your fault impact your credit file? Do you mean there were insufficient funds in your account to make the payment hence it was rejected?

100% our fault. My wife thought I had made the transfer to our joint account but I though she had - total communication fail on our part!! Totally not the banks fault, hence why I can't really argue if they do apply a late payment marker to our Credit files

srisport

bezza59 wrote: »

100% our fault. My wife thought I had made the transfer to our joint account but I though she had - total communication fail on our part!! Totally not the banks fault, hence why I can't really argue if they do apply a late payment marker to our Credit files

You haven't stated your financial position, but maybe its worth keeping 1-2 months mortgages payments credited in this account to avoid this issue arising again?

Maybe you have already done this but thought it was worth a mention

Regards.