A few late payments

Posted by

These types of applications are always interesting. On the one hand you have clear issues that are affecting an application from being accepted. On the other hand, they are “just” a few late payments and not necessarily being missed.

The situation

In this success story, we had a couple who had maybe seven or 8 late payments scattered about over the last few years. I think the highest was a status 2 (which usually means 2 payments missed on the trot). In addition to the occasional other missed or late payments. Nothing too bad, no defaults and everything had been up to date for a few months.

There was no underlying reason for the late payments, it was not due to problems with their finances it was more a case of no Direct Debit being set up and due to other things cropping up payments were just made late.

The applicants made an application prior to coming to us and that had been declined.

What we did

Unlike other success stories, I think this shows another side to how we can help and it is just a case of knowledge more than anything else.

Usually in these stories we have to go off and speak to account managers or underwriters, we have to put together a rationale and explanations for the adverse. However in this application it was a little different. The adverse was relatively minor, they had a good amount of equity and good incomes.

We used our knowledge of the high street lenders to filter out the lenders we expected to decline the application in order to find one who we thought would accept it.

The first DIP we did failed on credit score. The second however passed and within around 8-9 working days we had a Mortgage offer for the clients.


The customers ended up with a high street mortgage, on rates of around 2.2%. It was not the cheapest lender, but not far off and probably only cost an extra £5 a month.

Being bad credit specialists does not mean we automatically go to bad credit lenders. In fact the opposite is true. This year (2022) less than 17% of our applications have ended up with adverse lenders. Where we think we can get you with a lender who offers more mainstream interest rates, we will always work towards that. It is usually less work for us and cheaper for you. It benefits everyone.

If you would like to see what we can do for you, please get in touch. We would be happy to discuss your circumstances. We aim to give you an accurate idea of what is possible in terms of rates etc by the end of the initial call.