Finding The Best Mortgage With Late Payments Deal For Your Circumstances
If you have late payments on your credit report, you may be feeling frightened that you won’t be able to own the home of your dreams after all. You don’t have to worry. We’re here to help you navigate the process and find the finance you need even when the bank says no. We’ll provide you with helpful information, useful tools, and plenty of advice to dramatically improve your chances of mortgage success. The mortgage process can seem scary, especially if you haven’t kept up with payments in the past. But, with our friendly team on your side, the right mortgage is within reach.
Can I get a mortgage with late payments?
Simply put, yes! Sometimes it may seem impossible to get a mortgage if you already have late payments or defaults on your credit report, but there are always options to be considered. Your credit report may show a number status, e.g., 1,2,3,4. What this means is how many late payments you have at any one time. Lenders may be concerned about arrears being built up on your credit account, and the number of times you have been late on payments.
However, late payments are often considered relatively minor marks on your credit report due to human nature, so they don’t need to be feared. Most lenders will take into account the number of late payments in the last 6 years, but some ignore any over 3 years old. A mortgage advisor experienced in bad credit mortgages can help you find an appropriate lender and support you through the application process.
I have a few late payments on my credit file. Will I be declined for a mortgage?
Multiple late payments can reduce the number of mortgage deals available to you, however some late payments may be ignored by lenders such as those concerning utility bills. It’s important to remember that lenders are human too, and a specialist bad credit mortgage advisor can help you find your way to the right one, and boost your chances of getting accepted.
Maximise your chance of approval with specialist advice from an expert in Late Payment Mortgages
I only found my late payments when I was declined for my mortgage.
Being declined for your mortgage and discovering surprise late payments can be incredibly upsetting – but you’re not alone. This phenomenon is actually quite common, occurring when people move and forget to update their forwarding addresses or utilities companies. Whilst this is no consolation, the good thing is that you know about the situation now. Our team of specialist advisors can present your case to lenders who will be more than happy to consider you. We know mistakes happen – and lenders know this too!
How long will the late payment affect my ability to get a mortgage?
Late payments often stay on your credit report for 6 years. A lender may be concerned if you are applying for a mortgage with late payments and have a large number of events on a recent credit commitment. A large number of late payments over a period of 12-24 months will have an impact on the amount of mortgage deals and lenders open to you. On the other hand, if you have just one late payment in the last 12 months, many lenders will choose to ignore it, focusing more on credit scoring.
Mortgages with late payments FAQs.
Late Payment Mortgage Calculator
Dedicated mortgage advice & support for late payments.
Late payments happen every now and then – no one’s credit report is perfect, and the odd mistake won’t scare lenders away! Even if you have a number of late payments, there are options open to you, and our friendly team can help you find them. When the Bank Says Know specialises in supporting hopeful homeowners as they navigate the complex mortgage process. With our help, many clients have achieved the finance they need to secure their dream homes – even when it didn’t seem possible at first. Whatever your situation, we’re ready to support your unique journey.
We’re here for you.
Whatever your particular situation, our specialist mortgage advisors are here to help. We’ve helped people from all sorts of backgrounds purchase their dream homes. Maybe you have one or two late payments on your credit report; maybe you’ve missed a couple and are in arrears. We listen, we understand, and we support. From initial enquiry all the way through to approval, we’re here to make your home-owning dreams come true.