A missed payment happens when you don’t pay your bill on time. This is recorded on your credit file and can impact your credit score. However, it’s not uncommon, and specialist lenders understand that financial difficulties can affect anyone temporarily. The key is demonstrating that you’ve recovered financially and are now managing your obligations properly.
Lenders assess: how many payments were missed, how long ago they occurred, the size of the arrears, and most importantly, your payment history since. A single missed payment that was quickly rectified is far less concerning than multiple missed payments.
A single missed payment is much easier to explain and overcome than multiple. One-off missed payments are generally viewed as a temporary slip, not a pattern.
The longer ago the missed payment, the better. A missed payment from 2+ years ago with a clean record since is viewed positively.
Maintaining on-time payments on all obligations since the missed payment strengthens your application significantly.
Steady, reliable income demonstrates your ability to meet your mortgage payments. Evidence of stable employment strengthens your case.
No. Specialist lenders look at the whole picture. A single missed payment, especially if old and followed by clean payments, won’t automatically disqualify you.
You can apply immediately, but lenders prefer to see a clean payment record of 6-12 months since the missed payment.
Potentially, yes. The rate depends on how recent the missed payment is and your overall credit profile.
Most lenders will require 10-15% minimum. A larger deposit strengthens your application.