Has this happened to you?

It’s easy to go about your day to day without thinking how one banking slip up may affect your overall credit rating.

George and Alice*, long term Buy to Let clients of ours, were those victims. Busy people with hectic lifestyles, and a property portfolio providing a substantial income of £10k plus per month, you would think any mortgage provider would be queing up to lend them money.


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Not true. Why? Simply a lack of internet access whilst on holiday scuppered this plan. They failed to ‘top up’ their account to cover a monthly credit card payment, which led to a miss-payment being recorded and a black mark springing up on their credit file. Their subsequent mortgage application was declined by the majority of lenders who were looking for a 100% clean credit file for 12 months or more.

The morale of the story? To avoid these issues, ensure you’ve set up any regular monetary commitments on direct debit and against a bank account with the largest level of funds available or access to credit/overdraft facilities. Rocket science it isn’t but a mere reminder that we can often overlook the running of our day to day accounts, as George and Alice found out to their cost, can severely affect our future borrowing capabilities. Their holiday proved to be very costly in more ways than one.

* The names have been changed so as not to expose any client details.