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missed payment status 1 - trying to get a new mortgage

jarv81178
jarv81178 Posts: 108 Forumite
Fourth Anniversary 10 Posts Name Dropper
edited 22 June 2021 at 6:36PM in House buying, renting & selling
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

Comments

  • hippocrates1
    hippocrates1 Posts: 354 Forumite
    100 Posts Second Anniversary Name Dropper
    Speak to a mortgage broker
    DIP 09/02/21
    Offer on property 17/02/21
    Offer accepted 18/02/21
    Mortgage application submitted 22/02/21
    Desktop valuation 22/02/21
    Mortgage offer received 22/02/21
    Solicitor instructed 23/02/21
    Draft contract received and enquiries sent 02/03/21
    searches back 08/03/21
    Enquiries back 10/06/21
    Exchanged 23/06/21
  • K_S
    K_S Posts: 6,893 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    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.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • jarv81178
    jarv81178 Posts: 108 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    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
    K_S Posts: 6,893 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    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.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

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