Missed payment after full mortgage offer

MattMattMattUK

liam0404 said:

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?

It is usually not the amount, but the fact that it indicates an inability to manage finances to make sure there are not defaults. The underwriter may well ask how/why it happened and why you were running your account so low that a £30 payment defaulted. As well as asking for evidence that you had funds available at the time of the default, albeit in a different account. 

bradders1983

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?

You might be. You might not. The fact is it is well known that people are advised not to apply for any new credit products whilst completing a mortgage as the lender does reserve the right to run another check just before completion. In this case they may do or they may not, now you havent applied for any new products but your missed payment will crop up if they do. Nobody on here will know if this means they will change their minds or not.

That comment is so unhelpful. You really don't know, so why bother?

Do you mean like you giving someone totally the wrong advice it is "unlikely" mortgage companies re-credit check people

I have reported your initial post as spreading misinformation, I suggest other forum members do the same.

[Deleted User]

liam0404 said:

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?

That's an unknown, being critical, though, it does show poor money management and that is enough to make a lender rethink.
No, i'm not be judgey 🙄  i'm putting worse case scenario forward - you can never have enough in your arsenal when it comes to anything in the money world.

liam0404

MattMattMattUK said:

liam0404 said:

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?

It is usually not the amount, but the fact that it indicates an inability to manage finances to make sure there are not defaults. The underwriter may well ask how/why it happened and why you were running your account so low that a £30 payment defaulted. As well as asking for evidence that you had funds available at the time of the default, albeit in a different account. 

We definitely did, our savings account is with the same bank so there's plenty of evidence for this. We usually run the account with the exact amount that we need, but forgot that we had an MOT due that we also paid for that month from that account.

MattMattMattUK

liam0404 said:

We usually run the account with the exact amount that we need

That is just not worth the risk of default (as you seem to have unfortunately discovered), keep a buffer there, either in the form of an agreed overdraft if you absolutely have to, but better would be to keep some kind of floor amount in there, £200-£1k depending on your spending patterns, you never risk a payment bouncing and with interest rates being so it is not like you would be missing out on a substantial amount (with many current accounts offering a better interest rate than savings accounts at the moment).

gizmo111

Usually if there is not enough money to pay a DD bank will inform you by textand give you until around 2pm to pay money in which will cover the DD.  Did this happen?  How late were you paying?