Yes, you can get a mortgage with late payments on your credit file!
Late payments are pretty common. A lot of people miss payments or don’t pay them on time accidentally. And a lot of specialist mortgage brokers and lenders understand that.
When it comes to late payments, there’s a difference between forgetting to pay on time, and being unable to pay on time. A late payment isn’t the same as a missed payment or arrears. A late payment is just that: a payment that you did make, you just didn’t make it on time. This difference is important for understanding how it affects your credit file.
For example, maybe you were due to make a minimum payment on your credit card on the 7th of the month, but it was just before you got paid, and so you paid it on the 14th; seven days late. This won’t be marked by your credit card company as a late payment in most instances, because the payment’s been made before the next one is due. A creditor can only report a late payment if the balance is outstanding 30 days after it’s due.
If you’re worried about how your late payments have affected your credit file, talk to a specialist mortgage broker who’ll have experience in helping people in your situation. They’ll help you understand your options, and will know the right specialist lenders to approach. Find a broker.
We get how it feels when you’re refused a mortgage. We’ve been there. Haysto exists because the mortgage world is broken. If you don’t have a shiny credit rating, you’re self-employed with a complex income, or just don’t fit the mould, the odds are completely stacked against you. We just don’t think that’s fair.
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