missed payment status 1 - trying to get a new mortgage

jarv81178

ok so 12 months is nearly up and my status 1 is about to pass on my credit report. I'm aware I am unable to get a mortgage product with a status 1 on my credit report. would this affect how much I can borrow or just affect how much I pay back each month? should I be looking at properties and putting offers in or is it too soon?  it is due to clear in August

Thanks

hippocrates1

Speak to a mortgage broker

K_S

jarv81178 said:

ok so 12 months is nearly up and my status 1 is about to pass on my credit report. I'm aware I am unable to get a mortgage product with a status 1 on my credit report. would this affect how much I can borrow or just affect how much I pay back each month? should I be looking at properties and putting offers in or is it too soon?  it is due to clear in August

Thanks

@jarv81178 I hope I'm not missing some context here. Are you taking about a single '1' marker that is 10+ months old on an unsecured loan account (personal loan, cc, etc) on an otherwise clean credit history?

If so then that by itself shouldn't necessarily stop you from getting a mainstream mortgage. 

If it's on a mortgage or a secured-loan account then yes it may rule out some lenders but that also depends on the rest of the circumstances.

jarv81178

It was a missed payment on my current mortgage last March that continued across for 4 months until I caught up to date with my mortgage payments

K_S

jarv81178 said:

It was a missed payment on my current mortgage last March that continued across for 4 months until I caught up to date with my mortgage payments

@jarv81178 Ah ok, that makes more sense. Is that a max status of '4' then if you had arrears that were cleared only after 4 months.

Depending on the rest of the scenario and what you are trying to do, you may have options but it's hard to say what without knowing the details.