Mortgage
I’m really panicking. So we are applying for a mortgage our decision in principal has gone through. However I checked my credit score and I never realised I had 5 missed payments last year. Is this mean I will be declined for the mortgage
Original post by Snowyflake432
I’m really panicking. So we are applying for a mortgage our decision in principal has gone through. However I checked my credit score and I never realised I had 5 missed payments last year. Is this mean I will be declined for the mortgage
I would expect that it would make getting a mortgage more difficult, and you may well be charged a higher interest rate by the lender. The higher rate is to compensate for the increased risk the lender is taking on.
If you're regularly missing payments on your existing commitments, then lenders are likely to think that you're struggling financially. If you're struggling financially, why would they want to lend money and take the risk that you're not going to make the payments on time?
Why are ypou missing payments? And how did you not notice that you'd missed five payments in twelve months?
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