Money Clinic: ‘Will a missed mobile phone bill stop me getting a mortgage on my first home?’ Nick Mendes, mortgage technical manager at John Charcol, gives his guidance ⬇️
Is the mortgage market turbulence getting you down? Have you got a mortgage-related question you need answering? Email in and we’ll get one of our experts to reply. Nick Mendes, mortgage technical manager at John Charcol, has given his advice to a reader below. If you have a question for our experts, email us atI’m planning on buying my first home in the next couple of years. As a student a few years ago, I had an old mobile phone contract that was tied to a bank card that I no longer used.
. I worry about this a lot – how long is this likely to follow me around for, and will it mean I get a worse mortgage rate, or worse still – mean I am not able to get a mortgage at all?if you have a poor credit score. Whether you’re a first-time buyer or an experienced home-mover, adverse credit or issues managing debt can impact your credit score and make apply for a mortgage more complicated.
Almost any bad credit issue – including missed payments – can cause problems when it comes to getting a mortgage. This is because credit problems suggest to lenders that you might struggle to make your repayments on time, meaning that they would be taking on a higher risk if they decided to lend to you.
The most important things to consider are how severe the credit issue is, as well as how recent it is. Smaller credit problems such as minor missed payments will not look as bad to a lender as more major issues such as bankruptcy. Also, the longer it’s been since the bad credit event, the less of a negative impact it will have on your credit score and the mortgage options available to you.
For your situation, time will have certainly healed any wounds of the past and your credit score will have improved. It’s a good idea to check with the main credit reference agencies before applying for a mortgage to get a picture of your credit score.
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