What Credit score Should i Score a home loan?
Lenders don’t like late payments because it suggests you’ve had trouble managing your money. Some big banks may turn you down if you have late payments on your credit report. However, the loans Madison Center older the late payment, the less weight it carries, so you may still be able to find a high street lender willing to approve your application if you don’t have other borrowing activities on your file.
Your credit score goes down if you have more than one late payment on your credit file. A lender will look at how long ago the late payments were and how much they were for. If your late payments are recent and for a lot of money it will be harder to get accepted. You might be asked to put down a bigger deposit or pay a higher rate of interest. The older your late payments, the more options you’ll have.
If you need a mortgage and have late payments on your credit file, it’s best to speak to a specialist mortgage broker who deals with bad credit. Read more