Let's face it this is not a good start.
The lenders want to know that you are going to be a decent bet to pay your new mortgage on time and we're having to go to them at application stage to say that we've missed a payment.
First things first. You need to check for sure that you have missed a payment rather than it being a late payment. In the past, I've thought that I have missed a payment to find out that the lenders have marked it down as a late payment. You need to be sure.
If it is clear that you have missed a payment then let's go through what view the lenders are going to take. The main high street lenders are detailed below. They are certainly not all aligned so this will give you some hope that you can get a mortgage.
If you have a missed payment then Leeds Building Society, Barclays, Birmingham Midshires, and Skipton Building Society are worth a try. I f you have been clear for 6 months then TSB and Virgin Money are worth a shot.
0 in 24 months
A lot of lenders have a strict policy that they will not be prepared to look at mortgage applications where there has been one missed payment in a 24 month period.
Accord Mortgages,
1 in the last 24 months
This also applies to rent arrear
Birmingham Midshires
1 in the last 6 months and or 3 in 24 months
This is an and/or policy. Gives you a little scope that they will look at you as long as you have 6 months of clear payments. They are not looking for serial offenders though
Barclays
0 in last 12 month
Coventry has said that there cannot be more than one in a 3 year period. Halifax as always says that it is subject to credit score. Nat West has said that they need 12 months of clear water since the last missed payment. If it is a late payment then once up to date then happy to look at it
Coventry Building Society, Halifax, Nat West,
1 in the last 36 months
Happy to look at you if it was just a slip-up.
Leeds Building Society
1 in 12 months
This seems a reasonable view to take. Again looking at one only and not someone who is in long-term arrears.
Skipton Building Society
1 month or more late in the last 6 months
Tough stance but it is over just a 6 month period so all is not lost. You cannot have been late in the last 6 months. You'll just need to bide your time. Again it is subject to a credit score which will be internal so good luck with that!
TSB
0 in the last 6 months
You can refer the case but they are looking for you to have had none in the last six months
Virgin Money
Refer
I always get the feeling that this is just putting off the decision but it gives you some glimmer of hope. Don't expect that they will look at anything more than one missed payment though. For Santander, they will look at the credit score.
Nationwide Building Society, Santander, The Mortgage Lender
Don't even ask
There are some hard-line lenders out there that take the view that if you have missed one payment then you've had your chips. Don't even ask
Platform Funding, Newcastle Building Society, Scottish Widows
If however, you are just looking for a better deal then you may have to face facts that you will have to do a product transfer with your current lender, repair your credit and have another go in a couple of years' time.
The other thing to add is that criteria changes all the time. This is written based on criteria as of January 2021. Best have a chat with us if you have missed a payment and we can check to see if the criteria have changed at all.
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