Effect of missed mortgage payment

moatmeister

I was unable to make my mortgage payment due 28th april on time due to cashflow issues. I have the money available to pay it now but this month's payment falls due on Monday 2 days time. Which is the least worse option. Pay this month's on time and then catch up with the previous month or pay last month's and then probably be late again this month?

zaax

You need to talk to your mortgage provider ASAP - which you should have done when you thought you were going to miss a payment.

Browntoa

I'd ring my lender about last month's but pay this month on time.

https://www.fool.com/mortgages/2016/12/10/what-happens-if-you-miss-a-mortgage-payment.aspx

I'm assuming 2 late payment is worse than one . Are your finances likely to straighten themselves out so you won't be behind each month ?

moatmeister

Finances will get better but maybe not instantly. Waiting large incoming payment. Drowning in expensive cred card debt but with large equity in house that I can't access

Thrugelmir

Better to make arrangements with your credit card companies rather than defaulting on your mortgage payments.

John_Jones

moatmeister wrote: »

Finances will get better but maybe not instantly. Waiting large incoming payment. Drowning in expensive cred card debt but with large equity in house that I can't access

Why can you not access it, is a sale not possible?

RADDERS

If you can pay an amount that covers the payment that was missed plus an extra say £50 as you will not be a full months payment in arrears, this should not be reported to the credit agencies.

Carrot007

Thrugelmir wrote: »

Better to make arrangements with your credit card companies rather than defaulting on your mortgage payments.

100% this. Paying credit cards over your mortgage is stupid.

enthusiasticsaver

You should never prioritise your credit cards over your mortgage. Paying your mortgage over a month late and then not being able to meet this months payment either will seriously affect your credit record.

moatmeister

I looked at it this way. I have struggle to keep up with the payments for ages in the vain hope I might be able to get a remortgage and this is the first time one has been late. £1000 available to cover 1x £1000 mortgage payment or 5 x £200 cred card minimum payments. Credit file looks better with just one late payment marker for mortgage rather than 5 late payment markers for cards

amnblog

Get yourself some sensible advice if you are struggling.

You should not be putting your home at risk by missing Mortgage rather than unsecured credit payments.

A good place to start is the Citizens Advice Bureau.