Missed a payment status (1)

jarv81178

Hi, I have recently been declined a Decision In Principle, this is due to a missed payment back in March , I now have 4 status (1) on my credit report from Experian from March to June of this year. 

Will this ever go back to normal? Will I ever be able to get a different mortgage and when? 

If I do ever manage to get a Decision In Principle accepted, would the rates be higher and the deposit be greater and be less lenders? Or would it be a matter of time too?
I missed a mortgage payment due to losing my job due to Covid, is there anything else I can do?

thanks

csgohan4

I assume your remortgaging and in addition how are going to service the payments if you have no job?

Have you consider online retention products from your current lender which requires no credit checks?

What are you planning to do? sell house, buy a bigger one?? not enough info in your OP

ACG

Status 1s are nothing major but in the current climate where lenders are being quite cautious they can be a problem.
There is not a lot to go off (name of the lender, LTV etc), all of these will play a part in the outcome as all lenders do differ. The problem you have is Covid making lenders a bit tight, the number of late payments and how recent they are - I am guessing you are probably also a high-ish LTV maybe 80-85%? 

I reckon if you waited until the new year, you will have 6 months clear you stand a better chance but failing that it could be worth speaking to a broker as they will know the more relaxed lenders. The alternative being to see what your current lender will offer you and sticking with them. 

jarv81178

Thank you! I have a full time job now and have decided to stay put for at least 8 months!

thanks