Hi all, I'm beside myself and in need of some advice.
My dh and I have been saving for a deposit for a house for a really long time. We finally had enough this time last year and began looking at properties to buy. Due to the kids' school, etc we were quite restricted as to where we could buy so it took time to find the right house. We put in a few offers but missed out at closing date.
Anyway, to cut a long story short we had an offer accepted on a property last week. We're in Scotland so already have a solicitor. We arranged an appointment with a mortgage broker, got a decision in principle and submitted an application along with all our paperwork. Our income is good relative to the amount we want to borrow and we have a 10% deposit. We could put more down as a deposit but want to hold some money back to use for moving costs and a couple of things we want to do in the house.
Now for the stupid bit. I've always been really careful with credit and although I have a few credit cards, the balance is ether zero or there is one that has £200 on it which I'm going to pay off in the next month or so. I've never missed a payment for anything, until now.
I have an account with Very which had a balance of £10 and at Christmas I bought a present for £50 through studio. Both payments were due at the beginning of Feb and for some inexplicable reason I missed the payment for both accounts. I thought I had paid them but it seems that I didn't. As soon as I realised, I paid both balances and there is now nothing owing on either.
Both companies have quite rightly reported the late payments to credit reference agencies and although they are not showing on my credit report yet, I know they will soon. My credit otherwise is pretty good.
I can see from my credit report that the mortgage company has checked my credit report, the day after the application was submitted and while there is no late payments showing, I'm guessing this won't be the only check.
I'm going to call the broker tomorrow and see what the options are but I feel absolutely sick with worry that the whole thing is going to fall through and we're going to lose the house because I missed these two payments. I just can't believe I was so stupid.
Does anyone have any advice of what the likely outcome will be and what the best thing to do is. I am so upset with myself.
Sorry for the long post.