Mortgage help.

[wast542]

Hi

We are selling our house and had an offer accepted on a new house.

Got mortgage in principles a few months ago all fine but when we went to apply properly we were rejected. Nothing has changed for us but we do have a couple of late payments on a car earlier this year. It was totally our fault as forgot to transfer money into the joint account in time. So stupid I know.

Now we have applied to another mortgage lender, they have completed the survey on the new house but now it's with the underwriters. How strict do you think they will be about this? Does anyone have any experience of getting a mortgage with some late payments in their credit file? Its large deposit we have about 50% of the value of the house. Totally panicking

Did you highlight it to the new lender when applying and offer the explanation so they can note it on the submission to underwriters? Much better than them just discovering it themselves without context.

Have you got your credit report from Experian or similar to be really sure what the information that is being shared actually is? Normally payments that are just slightly late don't make it to credit reports so if you have multiiple "late payments" showing in the last year it is going to look pretty bad. Probably not insurmountable but it would make sense to talk to a broker in a case like this who will know which lenders are most likely to accept you and provide the right information at the right time.