Discovered missed payment on file after Mortgage Application

r2bkatie

Hi All

Hoping for a bit of advice please? 

My husband and I had our mortgage application put through with NatWest on Thursday evening - it was all very last minute, as after some initial discussions and some rough figures our broker let us know that we needed to get it in that day to secure the rates before they were pulled.

Today we got a notification through to let us know that a search had been done against our credit accounts, but when my husband went in to have a look he noticed that a missed payment was showing on his account. This payment was missed due to an error moving some money between accounts, but we called the company at the time and they advised that the payment would be taken ten days later (along with a £25 admin fee) and that as long as this was paid it wouldn't be an issue or show on our file. The payment was taken 10 days later and we didn't think we to much more of it.

Can anyone give any advice on how much impact this might make? We have otherwise perfect credit scores and it was for house insurance - the payment was only £17. Is it likely that we will have a chance to explain? 

Thank you 

housebuyer143

r2bkatie said:

Hi All

Hoping for a bit of advice please? 

My husband and I had our mortgage application put through with NatWest on Thursday evening - it was all very last minute, as after some initial discussions and some rough figures our broker let us know that we needed to get it in that day to secure the rates before they were pulled.

Today we got a notification through to let us know that a search had been done against our credit accounts, but when my husband went in to have a look he noticed that a missed payment was showing on his account. This payment was missed due to an error moving some money between accounts, but we called the company at the time and they advised that the payment would be taken ten days later (along with a £25 admin fee) and that as long as this was paid it wouldn't be an issue or show on our file. The payment was taken 10 days later and we didn't think we to much more of it.

Can anyone give any advice on how much impact this might make? We have otherwise perfect credit scores and it was for house insurance - the payment was only £17. Is it likely that we will have a chance to explain? 

Thank you 

When was this? 

K_S

@r2bkatie If this missed payment has an adverse impact, that should normally show up when the broker runs your DIP prior to a full application.

If the DIP failed, then the broker wouldn't have submitted the full application.

If the DIP passed then there should be no further issue arising from this single '1' marker on your credit report.

If the credit provider reports only to Experian (MSE Credit Club,) or TransUnion (CreditKarma) and not Equifax (Clearscore), then it's unlikely to have been picked up at all.

If your broker hasn't confirmed submission, I would suggest just dropping an email saying that you just want to confirm that the application was submitted and the rate has been secured.

r2bkatie said:

Hi All

Hoping for a bit of advice please? 

My husband and I had our mortgage application put through with NatWest on Thursday evening - it was all very last minute, as after some initial discussions and some rough figures our broker let us know that we needed to get it in that day to secure the rates before they were pulled.

Today we got a notification through to let us know that a search had been done against our credit accounts, but when my husband went in to have a look he noticed that a missed payment was showing on his account. This payment was missed due to an error moving some money between accounts, but we called the company at the time and they advised that the payment would be taken ten days later (along with a £25 admin fee) and that as long as this was paid it wouldn't be an issue or show on our file. The payment was taken 10 days later and we didn't think we to much more of it.

Can anyone give any advice on how much impact this might make? We have otherwise perfect credit scores and it was for house insurance - the payment was only £17. Is it likely that we will have a chance to explain? 

Thank you 

r2bkatie

Thanks @K_S, unfortunately I think because of the rates being pulled we may have gone straight to application. We haven't had a DIP, but we have had an illustration (I don't think this really means anything though).

is it likely one missed payment will
mean we are declined? We have a good LTV and combined salary.

K_S

r2bkatie said:

Thanks @K_S, unfortunately I think because of the rates being pulled we may have gone straight to application. We haven't had a DIP, but we have had an illustration (I don't think this really means anything though).

is it likely one missed payment will
mean we are declined? We have a good LTV and combined salary.

@r2bkatie When I do a NatWest app for a client, the DIP is a step in the full application process, the information input is carried over to the full app (which requires a few extra bits of info) and then it's submitted. I hope that makes sense!

It wouldn't save the broker any time or effort by skipping a DIP and I'm pretty sure it's not even possible on the NatWest system.

I know it's easier said than done but honestly don't stress, just drop an email to your broker asking them to confirm that the full app was submitted for peace of mind.

r2bkatie

housebuyer143 said:

r2bkatie said:

Hi All

Hoping for a bit of advice please? 

My husband and I had our mortgage application put through with NatWest on Thursday evening - it was all very last minute, as after some initial discussions and some rough figures our broker let us know that we needed to get it in that day to secure the rates before they were pulled.

Today we got a notification through to let us know that a search had been done against our credit accounts, but when my husband went in to have a look he noticed that a missed payment was showing on his account. This payment was missed due to an error moving some money between accounts, but we called the company at the time and they advised that the payment would be taken ten days later (along with a £25 admin fee) and that as long as this was paid it wouldn't be an issue or show on our file. The payment was taken 10 days later and we didn't think we to much more of it.

Can anyone give any advice on how much impact this might make? We have otherwise perfect credit scores and it was for house insurance - the payment was only £17. Is it likely that we will have a chance to explain? 

Thank you 

When was this? 

It would be showing as the last month or two. It was just a genuine oversight with moving some money, but I do understand that it shouldn't have happened 

r2bkatie

K_S said:

r2bkatie said:

Thanks @K_S, unfortunately I think because of the rates being pulled we may have gone straight to application. We haven't had a DIP, but we have had an illustration (I don't think this really means anything though).

is it likely one missed payment will
mean we are declined? We have a good LTV and combined salary.

@r2bkatie When I do a NatWest app for a client, the DIP is a step in the full application process, the information input is carried over to the full app (which requires a few extra bits of info) and then it's submitted. I hope that makes sense!

It wouldn't save the broker any time or effort by skipping a DIP and I'm pretty sure it's not even possible on the NatWest system.

I know it's easier said than done but honestly don't stress, just drop an email to your broker asking them to confirm that the full app was submitted for peace of mind.

Thank you @K_S that's really reassuring- we'll speak to our broker on Monday 

simon_or

Is the late payment showing on Clearscore? If not, you're in the clear!

r2bkatie

simon_or said:

Is the late payment showing on Clearscore? If not, you're in the clear!

@simon_or unfortunately it is on ClearScore. It's not been added to the report but we have a notification that it will be added to the next one and I think it's then visible when searches are run. Do you know what impact this might have? As you can imagine we're having a bit of a panic now! 

simon_or

Urgh, that's a stress inducing situation. It isn't on the report yet, so it wouldn't have been seen by the NW system when the decision in the principle or application was done.

But it will be on the report soon, so may be a factor if NW does any checks between now and completion. I don't have a clue of how that works.

Is it showing on Experian also? If not, once you have the NW offer, perhaps for your sanity it might be a good idea to get an offer from an Experian bank as well, simply as a backup against any last minutes issues with NW before completion.

r2bkatie

simon_or said:

Urgh, that's a stress inducing situation. It isn't on the report yet, so it wouldn't have been seen by the NW system when the decision in the principle or application was done.

But it will be on the report soon, so may be a factor if NW does any checks between now and completion. I don't have a clue of how that works.

Is it showing on Experian also? If not, once you have the NW offer, perhaps for your sanity it might be a good idea to get an offer from an Experian bank as well, simply as a backup against any last minutes issues with NW before completion.

Thanks Simon! We will have a proper look on Experian later but I don't think my husband said it was showing anywhere else. 

We're going to call the insurance company on Monday and try and appeal to thier better nature to remove the mark from our credit file as it was paid within the 30 days and offer to pay off the remainder of the account at the same time. Obviously they are under no obligation to say yes, but it is worth a try.

We'll also obviously contact our broker and she what she advises. At least we know it hasn't been flagged at this stage and we can make a plan for any credit checks.

Thank you for your advice - really appreciated.