Getting A Mortgage With Late Or Missed Payments
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Mortgage With Missed Payments
Are you looking for a mortgage but have missed or late payments on your credit file?
Stop searching and get in touch because this is what we specialise in!
We have direct access to lenders who accept missed and late payments. We know our stuff and it wont cost you a penny if we cant help you.
Our specialist mortgage advisors can help.
Missed or Late Payments
A missed payment is one that has not been paid at all.
A late payment is classed as one paid off within one month after the cut-off date.
Both missed or late payments can effect your chances of being accepted for a mortgage but with A Little Mortgage Advice we can help find you a mortgage to fit your circumstances.
We are experienced bad credit mortgage brokers with a wealth of knowledge in adverse lending, we have direct access to all sub prime and adverse lenders and speak with their underwriters regularly to get your mortgage accepted even if you have been turned down elsewhere.
How We Can Help
As a specialist independent mortgage advisor we work with lenders who specialise in bad credit mortgages.
There are a wide range of specialist lenders with specific eligibility criteria who may suit your circumstances.
Our team at A Little Mortgage Advice will discuss your situation and advise you on the best solution for you to proceed with a mortgage.
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Why Choose A Little Mortgage Advice?
We are specialist independent advisors. This means that we work with all lenders and search the whole market to find you the correct mortgage product.
As a small independent company you will be speaking directly to a mortgage advisor. We dedicate the same time to every client.
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Can I get a mortgage with missed or late payments on my credit report?
Yes, depending on how many, how long ago and what they were for. It certainly isn’t as hard as you might think.
Having a generally good or excellent credit report which shows one missed payment is unlikely to affect your chances of getting a mortgage, it depends how recently it was but more often than not we can find a highstreet lender that will accept your application.
If you have missed a few payments in a row on say a telephone bill, credit card, personal loan etc., but this wasn’t recently, again the lender will look to see if this was an isolated time period and how you have subsequently conducted your finances. If everything has been paid on time since the missed payments, the lender is likely to ask the reason for these missed payments, for example did you have a life event happen, you may have been in hospital unable to pay, however, saying that you forgot won’t wash with highstreet lenders, they will definitely view this as poor banking conduct and frown on your application.
Even with 6 missed payments there are what mortgage brokers refer to as specialist lenders who will look to accept your application, these are known as sub prime or adverse lenders, we have direct access to all of these.
Missed payments on secured loans or your mortgage present more of a problem but it is still possible to get a mortgage.
If you think that you have missed one payment or may have missed payments dotted all over your credit report, it is in your best interest to speak to a specialist mortgage advisor for some bad credit mortgage advice. Specialist Brokers will be able to assess your credit report quickly and know what lenders to approach for your mortgage application.
A Little Mortgage Advice are always happy to assess your credit report and wont charge you for this. We are friendly and definitely wont judge you.
How do lenders view late or missed payments?
Lenders are looking for creditworthiness, your credit history is one of the most important factors of getting a mortgage. As soon as you apply for a mortgage decision in principle the lender will run a credit check on all applicants, they will want to see how much current debt you have and how you have managed prior financial commitments, think of your credit report as a financial reference for your new mortgage application.
Missed and late payments are different, however, a late payment can look like a missed payment on your credit file depending on how late your payment was, usually if you miss a payment by a few days or even a week then it’s unlikely to be recorded on your credit file, however, if it goes past 30 days then this is treated as a missed payment even if you double your next payment to pay it.
What does a missed payment (status) look like on my report?
When you miss a payment the credit report agencies will put a number 1 under that month, if you miss two months, they will put a number 2 under that month and so on, this is known as a status. Depending on the lender, the time that they wait before serving a default notice varies, but its usually once you have been in arrears for three to six months, a default is registered as a D on your credit report and there will be a date that the default was registered.
How long will late or missed payments show on my report?
Anything recorded on your credit report will stay visible for 6 years.
Can I get a missed payment removed?
This is a very common question, and there is no exact answer.
In some instances, if you can prove that you have paid on time by showing a receipt or bank statement, then yes the lender may remove the late payment, it will then take roughly a month to update on your credit report.
It is imperative that you keep paying the monthly instalments even if you are in dispute with the lender because every subsequent month you don’t pay will show up on your credit report, making it even harder for you to get credit.