Natwest Remortgage with 1 Missed Payment

XEO25

I'm looking to remortgage with Natwest (moving from a different lender). However I've just had a missed payment applied to my credit file from Three for £150.

The missed payment was due to the bill being much higher than usual due to being abroad, and not having enough in my bills account to cover it. Obviously it's my fault, and I should have spotted it. I've since paid the amount, but it was an error and not due to affordability. I've asked Three if they would consider removing it.

No other credit issues and strong affordability (£1k disposable income). Mortgage would be 85% LTV in my name only.

Is this missed payment likely to result in a decline with natwest or other mainstream lenders?

Thanks

Brie

Unlikely to be a problem if there are no other problems on your credit record.  

All your creditors are listed and each month, if all goes well, you get a green light for each.  One missed payment would mean a yellow light but the following month things go ok and it's back to green.  What banks don't like is when there's those yellow lights spotted all over the file, leading occasionally to a series of red ones.

You could go through a mortgage adviser (never used one myself but everyone's different).  And the longer between when you missed your payment and you actually apply for a mortgage the less interest there will be in a little yellow light.  

XEO25

Brie said:

Unlikely to be a problem if there are no other problems on your credit record.  

All your creditors are listed and each month, if all goes well, you get a green light for each.  One missed payment would mean a yellow light but the following month things go ok and it's back to green.  What banks don't like is when there's those yellow lights spotted all over the file, leading occasionally to a series of red ones.

You could go through a mortgage adviser (never used one myself but everyone's different).  And the longer between when you missed your payment and you actually apply for a mortgage the less interest there will be in a little yellow light.  

Thanks.

I'm literally about to apply this week, do you think that will be an issue and is there any value in leaving it for 1 month so they can see it has gone back to normal?

Brie

You could simply explain what happened.  They'll be able to see a heck of a lot more info than just that one blip so I wouldn't stress overly.