Major Wobble

Machastwin

Hi everyone, It's my first post on here.
My husband and I have had an offer accepted on our dream family home, at a good price. We have also had a DIP from Halifax. One a few months ago (which would have been sufficient as it turns out); and another (with new figures from me in case the bidding went higher) in the last couple of weeks. This recent one would allow us to borrow (technically) about 20k more than we agreed on.
We can go up to 15% deposit if we have to, but the decision was run on 10%.
Sofar so good.
Now the wobbly bit. Due to life-stuff, and administrative error at home meant that DH missed the payment date on his cc in June. He paid it 2 days later, but it's showing up as a 1 for that month. Then I did it in August, same thing, & paid straight away but technically missed (ETA - I've checked on this and they seem to have forgiven it being a day late, nothing negative showing via checkmyfile for equifax or call credit anyway..). We are living within our means, and I am confident that the other part of the mortgage process will show this. We are using a broker with whom we have been 100% straight in every respect. Other than this our files are clean.
I'm worried that when they run the full mortgage check the late payment could be a problem. As I said they've allowed us a DIP with 10% for 20K more than we need, but we could do with avoiding the bigger deposit if possible as the house needs work. Still, we will do whatever it takes to get this as honestly, it is our perfect home
I'm a worrier and struggling with anxiety over this of course. My query would be - for those with experience of the market - how likely is this to be a big problem for us at this point? We have our meeting on Monday morning, and we are putting the application in then. Our advisor said to run it asap.
Sorry for long post, and grateful for any help/ suggestions.

AnotherJoe

No idea but why on earth are you running it so late to pay each month?
Why havent you set up a direct debit for your CC's?

Machastwin

It's a good question, the minimum amount changes month to month so I'm not sure how to do that? The main answer to your question would be that until the last 12 months much of our income would have been freelance, so we just weren't in the habit of it. We have now paid off all the cards in full though, if it helps!

Machastwin

I'm showing my ignorance now, DH normally deals with the payments, and he was just saying it's something we could have done and should have done :-/

middleclassbutpoor

you set up a direct debit and ask them to collect the minimum payment. You could try and ask the credit card provider to remove the late payment marker and set up a DD at the same time so it doesnt do it again.

Machastwin

I wonder if they would do this, and if it would help at this point. We're running the application on Monday. But thanks for the suggestion, and I'll look into this. We do get a text if we go over the date and haven't made the payment in time, and that's how we paid it so quickly, but technically it was late, so they probably wouldn't remove it.

Machastwin

Just to add - if there is a problem with the mortgage due to the (2 day) late payment on my husband's card, I've just been going through our bank account statements, and we can prove it was human error rather than not having the money. We sodding well HAD the money. Just been paid. Pure admin screw up on our part, which would never happen with a mortgage Wonder if they would consider that at any appeal?

csgohan4

Machastwin wrote: »

Just to add - if there is a problem with the mortgage due to the (2 day) late payment on my husband's card, I've just been going through our bank account statements, and we can prove it was human error rather than not having the money. We sodding well HAD the money. Just been paid. Pure admin screw up on our part, which would never happen with a mortgage Wonder if they would consider that at any appeal?

Afraid your at the mercy of the underwriters/lender, human error means the applicant's error. Whether you had the money or not is irrelavent.

Hope it works out and is a good lesson for everyone here

AnotherJoe

middleclassbutpoor wrote: »

you set up a direct debit and ask them to collect the minimum payment. You could try and ask the credit card provider to remove the late payment marker and set up a DD at the same time so it doesnt do it again.

You can have a DD and tell them to debit whatever the full sum is. Otherwise you are into interest on your card.

Machastwin

Can anyone advise as to whether it's worth our while putting the original application in at all tomorrow, or if we would be better to look for a AIP from a higher risk lender? I don't want to lose a credit check pointlessly. We think experian, which halifax check, may not have shown the 1 two weeks ago and could since have updated. We have paid off the credit cards and there was a clear month on all of them before this, but that isn't showing everywhere yet. We've added a note to the file on equifax with documentation to show that it was human error. Thanks for any advice on mortgage.

csgohan4

you need a broker to help you match a lender to you, your mistakes will come back to haunt you if not done properly