Many people spend a statement later at some stage in the lifestyle. Whenever applying for a home loan, loan providers takes later costs just like the a sign of previous financial struggle. Exactly how definitely this impacts your application hinges on things like exactly how of numerous later payments you really have and if you have got any kind of borrowing from the bank situations on your document.
Late payments are different from missed payments or arrears. A late payment is simply that: a payment that you did make, just not on time. Knowing this difference will help you understand how it affects your credit reports.
Thank goodness, it’s still you can discover a mortgage with later money – possible only have to choose the best bank who will lookup at your document to the an instance-by-case basis.
In this Guide, you’ll find all you need to know about applying for a mortgage with late payments on your credit file, and practical ways to maximise your chances of being accepted.