Getting a Mortgage with Missed Payments

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Getting a Mortgage with Missed Payments

There are many things that you think may prevent you from getting a mortgage, including missed payments. There are many kinds of missed payments: 

  • Credit cards
  • Mobile phone bills
  • Mortgage payments
  • Rent payments

The good news is that many mortgage lenders will consider applications from people. Lenders look at a range of factors such as the number of missed payments, the amount missed and your credit rating, etc.

You may need a larger deposit but this isn’t always the case. A good mortgage broker will talk you through your options after getting to know your situation. 

How We Help You Get a Mortgage Even with a History of Missed Payments

We search the whole of the market, including specialist lenders willing to consider anyone with a history of missed payments. Our approach includes:

  • Taking the time to get to know you and your unique situation
  • Flexible meeting times whether it’s face to face or online
  • Giving straight-forward, easy-to-understand advice
  • Access to the whole of the market including specialist lenders

Are Missed Payments Like Arrears? 

Arrears and late payments are considered different things by various lenders. A late payment is when a payment is missed for whatever reason, but the payment is made up within a short period of time. 

An arrear occurs when payment is held several times in a row, so if you miss paying your mobile phone bill for three months, this could be considered arrears and impact on your credit rating.

Keep up to Date with Your Credit Report

Your credit report is a great place to start understanding how a mortgage lender may look at your application. Staying up to date and making small changes can quickly and easily impact your credit rating and set you up for better credit deals in the future.

Even if you do have a low or no credit score, don’t let that put you off, as we can help you find a lender who accepts applications with low or no credit scores. 

Harmony FS has helped many customers in a range of financial circumstances to find a great mortgage deal, so why not drop us a line to see how we can help?

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