Mortgage With Late Payments
Mortgage with Late Payments Advisors.
Our Mortgage Experts Online accredited advisors are specialists in mortgage will late payments. Furthermore, our bad credit mortgage expert’s knowledge will help you to find the right mortgage on the market.
From big high street banks and building societies, to smaller more niche mortgage lenders, there is a lot of choice out there. Subsequently, this may feel completely overwhelming to you and you may have no idea where to start. We can offer you guidance and help you navigate the complex world of mortgage with late payments.
The brokers we work with are whole of market and offer completely unbiased advice, ensuring that you get the absolute best deal available.
Scroll down for more information and FAQ’s.
Getting a mortgage with late payments.
When you are looking for a mortgage after having had late payments, you may find it harder to find a lender who will be willing to lend. If you have already been declined at decision in principal stage, then do not worry – there are certain lenders whose late payment criteria is more forgiving.
Late payments will stay on your credit file for 6 years, the more recent the missed payments the bigger impact this could have on your credit rating.
There are lenders who will consider an application despite multiple missed payments. The advice from your whole of market mortgage with late payments advisor will help you get the best rates for your circumstances.
Can I get mortgage with late payments on my credit report?
Yes. Your mortgage with late payments expert will need to see a copy of your credit report (as this is the same information that mortgage lenders see), as there are numerous other factors to consider and credit report will be a major part of this by confirming the following.
- Credit account type – Was the missed payment on a mortgage or a credit card.
- Number of missed payments – Is it a one off or a history of late/missed payments.
- Credit report – any other issues, such as defaults, CCJ’s etc.
- How recent were the missed payments – the most historic the better chances you will have.
- Strength of case – including loan to value, affordability, property type.
A combination of the above will play a pivotal role submitting a mortgage application. Credit reports can be complicated and confusing to fully understand, our mortgage experts are fully experienced in this and will be able to quickly identify any issues that may have hindered a previous application.
To see your latest credit report, click here
How easy is getting a mortgage with late payments?
Late payments can affect how easy or difficult an application is, with the more recent the missed payments the more difficult, especially if there are missed payments over multiple accounts. If there are multiple missed payment, it’s likely you will need to use a specialist lender. These types of mortgages are generally referred to as bad credit mortgages, adverse credit mortgages, or subprime mortgages.
In reality specialist lenders can assist for a number of reasons besides credit profile, such as;
- Lender doesn’t credit score.
- Specific criteria.
- Flexible under writing.
- Property construction.
The mortgage after late payments experts we work with will be able to guide you through the entire process, saving you time, hassle, and stress.
Does the type of late payment missed matter?
Yes, this will have a big influence on any mortgage application, there are two types of missed payments and which one you’ve missed will affect which mortgage lenders will be willing to look at your mortgage application.
Unsecured late payments.
These would be your generally bills, mobile phone, broadband, tv packages, personal loans, credit cards, mail order and bank overdrafts. Because they aren’t secured against anything the provider is replying on you to maintain payments based on your previous credit history.
If your missed payment are one of these then mortgage lenders will look at these more kindly. It will still affect your application, however, there are lenders who will still be willing to offer the same products.
Finding the correct mortgage lender is vital when looking for a mortgage with late payments.
Secured late payments.
This is the most severe type of missed payments; these include mortgages and secured loans. These types are secured against a property or an asset, such as a car. In terms of a mortgage the debt is secured against the property.
If you fail to keep up repayments on your mortgage, eventually your house will be repossessed to clear the outstanding debts.
There are still lender who will facilitate lending, however, this could incur high interest rates.
Missed mortgage payments.
Late payments on a mortgage account are very serious indeed. When people are in financial difficulty, the mortgage is normally the last account that is unpaid, so this tends to act as a warning sign of financial distress.
Factors the mortgage lender will need to consider when missed mortgage payments are present are.
- How many missed payments the were (worst status)?
- Are the payments now up to date?
- When the missed payments were.
- Credit profile – any other issue on your credit file.
If all payments are now caught up with your mortgage and recorded correctly on your credit file, the chances of being accepted are higher.
If you are currently in arrears with your mortgage, the chances of being accepted are small. Some specialist lenders would take a view of your case if for example you missed 2 mortgage payments 36 months ago, but since then all payments have been made on time and this was down to a life event such as.
- Divorce/splitting from partner
- Health issues
Some specialist lenders would see this as 36 months of mortgage payments made on time and be happy to lend on this basis.
Speak to a missed payment mortgage advisor.
There are many lenders available ranging from high street to specialist lenders. Most people go to their own bank, get declined or cannot borrow what they need. Just because one lender has declined you, do not give up.
To get a mortgage after missed payment our mortgage experts will get all the facts before deciding which lender is right for you. All the mortgage after late payments brokers we work with are whole of market and offer unbiased advice. They will have access to all the specialist lenders to really enhance your chances of achieving the mortgage you need.
The expert brokers we work with have experience in dealing with all aspects of mortgage after missed payments. Importantly using the whole of the market to access the very best deals available.