Missed a payment on a credit card, loan, or another financial commitment? Wondering if that means you can’t get a mortgage? Yes, you can still get a mortgage, even with missed payments. It depends on how recent and frequent they are, but specialist lenders offer options even if high street banks say no.
Here at Mortgage Bridge, we specialise in helping people with bad credit—including those with late or missed payments—find the right mortgage. Let’s break it all down and help you understand your options.
What’s the Difference Between a Late Payment and Being in Arrears?
A late payment is when you don’t make a payment on time, but you manage to pay it within the same month. Many lenders won’t even report this as a missed payment if it’s settled quickly.
Being in arrears, though, is more serious. This happens when you’ve missed payments for over a month, meaning you owe more than just your current repayment. Can you still get a mortgage after being in arrears? Yes, but you may need a specialist lender.
How Do Late and Missed Payments Affect My Credit Score and Mortgage Chances?
Late payments impact your credit score, but older ones have less effect. If you have multiple missed payments or a recent default, lenders may ask for a bigger deposit or offer a higher interest rate.
Lenders will see a number next to each missed payment, showing how many months overdue it was—1, 2, 3 months, etc. How many missed payments affect a mortgage application? It depends. A single late payment from a few years ago might not matter much, but multiple missed payments—especially recent ones—can be a red flag.
A default, where you’ve completely failed to pay off an outstanding debt, is even more serious. Lenders will look at how much was owed and how long it took to pay it off. The more recent your missed payments, the more they’ll impact your mortgage options.
Can I Still Get a Mortgage If I Have Late or Missed Payments?
Absolutely! If you’ve been searching for mortgage lenders who accept missed payments, you’ve probably noticed that high street banks aren’t always the most flexible. That’s where specialist lenders come in.
What matters most is:
- How recent your late payments are – Older ones have less impact.
- How many payments you’ve missed – One or two might not be an issue, but frequent missed payments can be.
- What type of account it was – Missed payments on a mortgage or secured loan are more serious than a late phone bill payment.
At Mortgage Bridge, we work with lenders who look at the bigger picture, not just the negatives on your credit report.
Can I Get a Mortgage If I’ve Had Late Payments in the Last 12 Months?
Yes, but this is where having the right lender really matters. Missed payments within the last 12 months can make things trickier, but not impossible.
- Missed payments from over two years ago? Many lenders will overlook these, especially if there are only one or two.
- Missed payments within the last 12 months? You may need a higher deposit or a specialist lender.
- Multiple missed payments? Expect to need a specialist lender, but options are still available!
How Can I Improve My Chances of Getting a Mortgage with Late Payments?
If you’ve had late or missed payments, don’t panic! There are things you can do to improve your chances of getting approved:
- Check Your Credit Report – Look for any errors or outdated information.
- Clear Any Outstanding Arrears – Bringing your accounts up to date will help show lenders you’re financially stable.
- Save for a Bigger Deposit – A larger deposit reduces risk for lenders, making them more likely to approve you.
- Wait for Older Missed Payments to Become Less Relevant – If you can hold off a little longer, older late payments won’t be as damaging.
- Work with a Specialist Mortgage Broker – That’s us! We can match you with the right lender for your situation.
- Show Stability – Having a steady income, a history of responsible financial management, and no recent credit issues can work in your favour.
How Much Deposit Will I Need If I Have Missed Payments?
It depends on how recent your missed payments are:
- Over 2 years old? 5-10% deposit might be enough.
- Within the last 12 months? Expect to need 15-25% deposit.
A bigger deposit helps lower the lender’s risk and can improve your chances of approval.
Where Can I Find a Mortgage Lender Who Accepts Late Payments?
If you’re asking, “Can I buy a house with missed payments on my credit file?”, the answer is yes—you just need the right approach.
At Mortgage Bridge, we specialise in helping people with financial bumps in the road get on the property ladder. We have access to mortgage lenders who consider missed payments, even if you’ve been turned down elsewhere. These lenders look at your overall financial situation rather than just what’s on your credit report.
Final Thoughts: Can I Still Get a Mortgage with Late or Missed Payments?
Yes! Late and missed payments don’t mean you can’t get a mortgage—they just mean you might need a different approach. The key is finding the right lender who understands your situation.
At Mortgage Bridge, we’re here to help. If you’re worried about missed payments affecting your mortgage options, get in touch with us today. We’ll walk you through your options and help you take the next step toward owning your home.