Contractor mortgage with one late mortgage payment

[Ketchup]

I have a perfect credit rating other than one late payment on my final mortgage payment 2 years ago. I have just been told that because of this i can't get a mortgage for another 4 years.

I am trying to get a mortgage on a cheapish 1 bedroom flat with a 20% deposit, i find it hard to believe that it is impossible to get a mortgage with this hanging over me.

[northernladuk]

I find that very hard to believe as well. Is this for one mortgage from one particular lender? They can be like credit cards, certain mortgages are tailored and aimed at certain people. I know it is possible to not be eligible for one mortgage with a lender because of your rating but they will accept you for a different option they offer. Not as good but the risk has been tailored in to the product so may have higher APR or arrangement fee etc...

How many have you tried?

[Ketchup]

I find that very hard to believe as well. Is this for one mortgage from one particular lender? They can be like credit cards, certain mortgages are tailored and aimed at certain people. I know it is possible to not be eligible for one mortgage with a lender because of your rating but they will accept you for a different option they offer. Not as good but the risk has been tailored in to the product so may have higher APR or arrangement fee etc...

How many have you tried?

I tried a firm who specialise in contractor mortgages (who post here) who told me it wasn't even worth trying as i was unlikely to be able to get a mortgage for another 4 years. I am reluctant to try to many lender as i don't want to get too many fingerprints on my credit search

[northernladuk]

I tried a firm who specialise in contractor mortgages (who post here) who told me it wasn't even worth trying as i was unlikely to be able to get a mortgage for another 4 years. I am reluctant to try to many lender as i don't want to get too many fingerprints on my credit search

I find that hard to believe. One missed payment in all those years.. most of the country wouldn't be able to get a mortgage if the controls were this tight. I would certainly have a chat with other lenders and make them aware before they touch your credit file and see what they say.

[Ketchup]

I find that hard to believe. One missed payment in all those years.. most of the country wouldn't be able to get a mortgage if the controls were this tight. I would certainly have a chat with other lenders and make them aware before they touch your credit file and see what they say.

This one didn't touch my credit file so i am not sure what they did do. I filled in a form on their website, they contacted me, i told them my situation, the lady asked me to send my contract, CV, bank statements for business and personal and the details of the property. I sent the details yesterday morning, chased them up now and was told not to bother trying for another 4 years.

[Scruff]

If you were late for a payment, its not the same as missing a payment? It also depends how late you were, too and whether they had to take any legal steps to recover the money.

You can sign up for an Experian trial period of 30 days and you can check your own credit score, but don't forget to cancel the "free" trial wthin the first 30 days .

[Ketchup]

If you were late for a payment, its not the same as missing a payment? It also depends how late you were, too and whether they had to take any legal steps to recover the money.

You can sign up for an Experian trial period of 30 days and you can check your own credit score, but don't forget to cancel the "free" trial wthin the first 30 days .

I pay for experian every month, the mortgage payment was 1 day late. My credit score is 996 which is apparently excellent. The flat costs £160k (in an area where house prices are set to rise) and I am stumping up a 20% deposit.

[Scruff]

In which case, I would suggest getting another Mortgage advisor. If you are on a half decent day rate and have no adverse credit, Halifax are doing 3.69% p.a. on 85% LTV, repayment mortgage.

If you are subscribing to Experian, stop checking your Credit Score since this will be recorded as a search...

[Ketchup]

In which case, I would suggest getting another Mortgage advisor. If you are on a half decent day rate and have no adverse credit, Halifax are doing 3.69% p.a. on 85% LTV, repayment mortgage.

If you are subscribing to Experian, stop checking your Credit Score since this will be recorded as a search...

Thank you for your advice about the credit score, i didn't realise this.

I just phones another contractor mortgage broker and the guy i spoke to seems to think i will have know problem and should be able to get an agreement in principle within a few days

[northernladuk]

Thank you for your advice about the credit score, i didn't realise this.

I just phones another contractor mortgage broker and the guy i spoke to seems to think i will have know problem and should be able to get an agreement in principle within a few days

Mind me asking why you are going to the contract mortgage people? Do you need to go on your contracted rate or could you get one just using the figures from your tax returns (guessing around 40k a year)? If you can do it on that I don't see why you can't have a dig around and rates being offered to everyone else and use the comparison sites?