I know this question has been asked before but there doesn't seem to be a one size fits all answer, so I'm going to ask again and thank you in advance for your patience!
Right first question is a late payment the same as a default? Probably a very simple one, but the terminology seems interchangeable and I just want to be sure we're on the same page.
My situation is this, we have an offer accepted on a house for £200000 we have £30000 for deposit giving us 85% ltv me and my partner combined have an income of £42000pa
My partner has a spotless credit history and the only debt he has is loan for a car which is currently £240per month with 3 years to go.
I have no debt BUT I do have late payments marked on my credit file, although none in the last 2 years. I have a "1" from two and a half years ago on an overdraft (went over the limit, went on academic placement abroad) and another "1" from 3 years ago on a Dorothy Perkins card (no explanation, just stupidly forgot), these I understand are problematic. However, what is concerning me more is a cluster of late payments (three "1s" and a "2" all on Dorothy Perkins card for an amount of around £120) from when I lost my job, these are on my file but occurred 7 years ago. I understand that the file is still open because I only closed the account in 2011, what I want to know is will the late payments still be taken in to account in a credit search seeing as they are outside the 6years or do the only drop off with the whole of the account after six years from closure ?
Back to the mortgage, we have an AIP with natwest which we'll be taking to full application next week but I am worried sick that because of my stupidity it's going to be a NatNo!
Thanks in advance for any help or advice you can offer
Right first question is a late payment the same as a default? Probably a very simple one, but the terminology seems interchangeable and I just want to be sure we're on the same page.
My situation is this, we have an offer accepted on a house for £200000 we have £30000 for deposit giving us 85% ltv me and my partner combined have an income of £42000pa
My partner has a spotless credit history and the only debt he has is loan for a car which is currently £240per month with 3 years to go.
I have no debt BUT I do have late payments marked on my credit file, although none in the last 2 years. I have a "1" from two and a half years ago on an overdraft (went over the limit, went on academic placement abroad) and another "1" from 3 years ago on a Dorothy Perkins card (no explanation, just stupidly forgot), these I understand are problematic. However, what is concerning me more is a cluster of late payments (three "1s" and a "2" all on Dorothy Perkins card for an amount of around £120) from when I lost my job, these are on my file but occurred 7 years ago. I understand that the file is still open because I only closed the account in 2011, what I want to know is will the late payments still be taken in to account in a credit search seeing as they are outside the 6years or do the only drop off with the whole of the account after six years from closure ?
Back to the mortgage, we have an AIP with natwest which we'll be taking to full application next week but I am worried sick that because of my stupidity it's going to be a NatNo!
Thanks in advance for any help or advice you can offer