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Missed payment after full mortgage offer
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liam0404
Posts: 6 Forumite

Hi All,
We're in the process of waiting to move house. We have sold our house and we are waiting to move into the new house. Our full mortgage offer has been given by BOS, and we're just waiting on sellers being ready to go.
In the interim, we have missed a payment on our car insurance (a genuine error of not having cash in our bills account instead of our savings account). The car insurance company said that this would impact our credit rating, even though we can make the payment now.
What I'm now worried about is whether or not this will affect our mortgage offer? Anyone have any experience with this kind of thing? Kind of freaking out a bit.
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Comments
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If they are reporting it monthly it may flag up and the mortgage lender may still check your file before it goes through still.
Why aren’t you paying the insurance in full?1 -
We did offer this but they said it doesn't make a difference. Are we likely to be rejected on account of this?0
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D3xt3r5L4b said:If they are reporting it monthly it may flag up and the mortgage lender may still check your file before it goes through still.
Why aren’t you paying the insurance in full?1 -
liam0404 said:We did offer this but they said it doesn't make a difference. Are we likely to be rejected on account of this?0
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If you are waiting to move and you've received the offer of a full mortgage, it seems unlikely that the mortgage company will check your credit file yet again, surely? Haven't you aleady been accepted - you must have been if you are now in the position of waiting for the sellers to move out.
The car insurance company's black mark against you (meanies!) will take a while to get onto your file and it's only one missed payment, which isn't drastic. Many people miss a payment here or there.
I really wouldn't worry about it. It's only one missed payment. I WOULD, however, set up a regular direct debit so you don't miss any more payments at all.Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0 -
bradders1983 said:liam0404 said:We did offer this but they said it doesn't make a difference. Are we likely to be rejected on account of this?Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0
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OP, please ignore the above in its entirety. Mortgage companies DO run checks again before completion, there have been threads on here of people who have lost offers as a result of this.2
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Nearly all mortgage providers conduct a final check on the day of completion, that is why you are advised to take out no credit or add anything to a credit card etc. in the period between AIP and completion.
If you are going through a broker I would speak to them immediately and if you are going direct to a bank it would probably be worth speaking to them, you should also speak to your conveyancing solicitor. The costs associated with having exchanged but being unable to complete could be very expensive, not to mention running the risk of leaving you temporally homeless.
You will probably find that it makes very little difference IF declared, probably no worse than a slight increase in interest rate, however if not declared it could cause a failure to complete after exchange which leads to huge problems. Also move money from your savings far above what is due to come out in the next month or two, one error will probably not be an issue, if it happens again it probably will be an issue.0 -
Thanks for the info - for further context we're talking about a £30 payment - based on previous experience, will we at least be given a chance to explain this to our lender?0
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MalMonroe said:bradders1983 said:liam0404 said:We did offer this but they said it doesn't make a difference. Are we likely to be rejected on account of this?
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