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    • jiffajaffa
    • By jiffajaffa 10th Apr 18, 2:38 PM
    • 4Posts
    • 1Thanks
    Credit check after exchange of contracts
    • #1
    • 10th Apr 18, 2:38 PM
    Credit check after exchange of contracts 10th Apr 18 at 2:38 PM
    Hello all

    There have been many emotional ups and downs in the process of selling our current home and (hopefully) buying another one but we are worried that a late payment fee my partner recently received will scupper our mortgage offer.

    We already have our mortgage offer and are close to arranging a date to exchange contracts. Last week my partner was charged a late payment fee for his credit card- for some reason the payment had not gone through and he has never been late before. He rang HSBC to rectify this and they refunded his money- however we are worried that the late payment 'mark' will be on his credit file and that if our mortgage lender conducts a final check they will then withdraw their offer.

    Are we worrying for nothing? If not, are there any steps we can take now to try to rectify this?

    Thanks for reading.
Page 1
    • astal
    • By astal 10th Apr 18, 3:18 PM
    • 11 Posts
    • 2 Thanks
    • #2
    • 10th Apr 18, 3:18 PM
    • #2
    • 10th Apr 18, 3:18 PM
    Banks update credit reference agencies once a month; not every day. So, chances are you should be ok.

    You can check this properly if you register to one of the agencies. You will be able to see if the failed payment is there, so whether there was an impact to the credit score.

    If you see the entry, you can ask to remove it. But the bank would be informed and would have to agree with that. If it was a small amount, they would probably be ok.

    Two more issues:
    1. if you are just before exchanging, perhaps the mortgage application is already approved. Or not?
    2. even with one late payment, there would still be no difference in the mortgage application.

    Overall, I think you should be fine. Probably worth checking the credit score. If it was late by a few days, it is unlikely it is reported.
    • ashe
    • By ashe 10th Apr 18, 10:56 PM
    • 548 Posts
    • 408 Thanks
    • #3
    • 10th Apr 18, 10:56 PM
    • #3
    • 10th Apr 18, 10:56 PM
    Refunding his money is irrelevant, it!!!8217;s the late payment that!!!8217;s key however it!!!8217;s not as black and white as !!!8216;payment was late, credit file marked!!!8217;

    The date of reporting and the statement date does not always align so often if it!!!8217;s paid a few days late you will get away with it.
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