Can You Get a Mortgage After Missed or Late Payments?
Specialist mortgage advice if you’ve missed a payment
your home may be repossessed if you do not keep up repayments on a mortgage.
The Financial Conduct Authority does not regulate some forms of Buy to Lets.
One missed payment doesn’t automatically prevent you from getting a mortgage. Lenders look at what payment was missed, when it happened, whether the account is now up to date, and whether there are other problems on your credit reports. Recent mortgage arrears may restrict choice more than one older late payment on a different account. The right answer comes from the detail, not a single app score.
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Was it late, missed, or already in arrears
Ask the account provider what it reported and check all relevant credit files. A payment made late but within the provider’s reporting cycle may appear differently from a reported missed payment; several unpaid instalments may show as arrears. A formal default is a separate, more serious marker. Don’t assume a payment has been reported just because a direct debit failed, or that a reported marker disappears once you catch up.
Late-payment information can remain on a credit report for six years. Its significance to a mortgage lender varies with recency, account type, other events and the lender’s own policy. We check what’s actually visible before discussing a timeframe.
Why does the type of account matter
A missed instalment on an existing mortgage or secured loan is particularly relevant to a new mortgage lender. A phone or credit-card payment may be assessed under different criteria. Lenders can also distinguish one isolated entry from repeated missed payments across accounts. If a joint mortgage is planned, both applicants’ payment histories are part of the assessment.
Tell us if the missed payments arose while you changed jobs, moved home or dealt with a temporary loss of income. We can provide factual context where a lender will consider it, but the account still needs to meet that lender’s rules and your mortgage must be affordable now.
What if the marker was a mistake
Compare the credit report with your statements, payment dates and any correspondence. A cancelled direct debit doesn’t automatically mean the provider reported the entry incorrectly — if the payment was genuinely late, explain it honestly. If the amount, date or status is wrong, contact the provider and credit reference agency and keep the dispute correspondence. Avoid making several mortgage applications while an important discrepancy is unresolved if it could affect lender selection.
Apply now, or wait for more clean payment history
There’s no fixed number of months that suits every case. We compare current lender options with the cost and timing of waiting. If you’re a first-time buyer, that includes your deposit and the property you hope to buy. If your existing mortgage deal is ending, we should also look at the products offered by your current lender and compare the full cost of a remortgage. If you’re currently struggling to make mortgage payments, speak to your lender promptly and consider independent debt advice — a new application isn’t a substitute for dealing with arrears.
What should you send to Matrix
Send the account type, months affected, number of payments missed, present balance, whether the account is now up to date, and what else is on the credit reports. Include your income, deposit or equity and other monthly commitments. We can then check which lenders might consider the complete case and explain whether an Agreement in Principle would involve a soft or hard search before proceeding.
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £597 to £997 and this will be discussed and agreed with you at the earliest opportunity.
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FAQ
Usually one entry is assessed in context rather than deciding every application. Lenders look at which account was affected, when, whether the account is current, and whether there’s a pattern across other accounts. An older isolated phone payment can be viewed differently from a recent missed mortgage instalment. We check the recorded month and lender criteria before deciding whether a standard mortgage is realistic.
It depends on their number, account type, severity and what’s happened since. Some lenders have specific rules for recent arrears, while others assess individual cases. You may have fewer options or need more equity, but a published “12-month ban” would be misleading. If the payment is still overdue, deal with it and check the current status before making new applications.
Often, yes — the lender wants evidence that a future housing payment can be maintained, so missed mortgage or secured-loan payments may be treated particularly seriously. It still matters whether the event was isolated, how many instalments were missed and whether arrears have been cleared. A phone or credit-card entry isn’t automatically harmless. Send the exact account histories rather than relying on a single credit score.
There’s no standard percentage tied to one missed-payment marker. An older isolated unsecured late payment might be acceptable at one lender’s usual loan-to-value, while repeated recent mortgage arrears can sharply restrict choice. A larger deposit can help but doesn’t replace affordable repayments or acceptable mortgage conduct. We compare the deposit you can actually provide with current lender policies and the full borrowing cost.
An accurately reported late-payment marker can remain for six years. Catching up changes the current balance and conduct but doesn’t erase the past marker. The lender may place less weight on an older event than a recent one, depending on its criteria. Check the date and present account status with the provider and credit reference agencies if there’s a discrepancy.
Keep the bank statement and correspondence showing when payment was made. Ask the account provider to investigate and correct an error, and also raise a dispute with the credit reference agency. A failed direct debit doesn’t automatically prove a report is wrong, so verify what the agreement required. Tell us if a correction is pending, and avoid repeated applications based on a record that could be materially inaccurate.
It may be harder to move lender, especially with current arrears. Ask your existing lender about help with arrears and any available new deal before your rate ends. A product transfer and a new-lender remortgage have different requirements, and borrowing extra is a separate question. If you’re struggling now, contact the lender promptly and seek free independent debt advice — don’t rely on a new mortgage to solve an unaffordable existing payment.
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