ICB Query

singsalot

Hi everyone, myself and my partner want to go for a mortgage, through bad managing of my account i missed a september payment of a loan that was finishing in Jan this year after 24 months, and rescheduled to pay it in Feb, so technically the loan was extended to 25 months. I requested a copy of my icb in Jan and for 24 months of this loan there were ticks all the way through and an outstanding balance of the amount i was to pay in Feb. I requested another copy of the report last week and it seems the bank had not logged their month reports with ICB yet as it was unchanged and still with the small balance remaining.

My question is, seen as this was a 24 month loan what is likely to happen now that ive cleared the loan, would you say they will go back in and log the missed payments or leave as is just with a zero balance and no C at the end?

Many thanks

stepbar

It's not registered unless you have missed 3 repayments over the term of the loan. In short you should be fine from an ICB perspective.

Jet Black

If your report is clear you should be fine. Once it is fully paid they have to put a C on the end.

Every missed payment is on the ICB. The ICB shows a history of the last 24 payments.

So if it looks like this... C00000000000000000000000 this means no missed payments. It works from right to left.

If it was C00000000003210010000000.

The numbers refer to the missed payments on the account.
The ICB you recieve differs from the one underwriters see. But if your one is clear there should be no problem.

One missed payment is not always logged, some banks instantly put you on it. But others dont bother.

Also one missed payment wont affect your mortgage application. Underwriters will just see this as a little blip.

FA

Singalot,

Your ICB will be fine, but when you apply for a mortgage the bank will ask you for anything between 3 - 12 months current account statements. If you missed a DD payment it will appear on your current account statements, and therefore it will limit you ability to get a mortgage. Your best bet is to avoid whatever bank you hold your current account with, cos they can look at whatever they want on you history. Generally you best bet is to hide it, therefore use someone else.

If you want further info on the best way to proceed with your mortgage application, let me know.

FA

singsalot

Hi guys,

thanks for the reply, the icb came back clear but i dont know if i made much sense when explaining so i will try again,

it was a 24 month bank loan but technically became a 25 month loan if you get me, as the missed payment was added onto the end, so when the ICB credit report was requested it was the 24th month and in every box was a tick but there was no box for the C at the end and the outstanding balance of the final payment was showing. The final balance was cleared by then but the bank had obviously not done their monthly check in with the ICB as the balance was still showing.

So i was wondering is it likely that they would go back in and put a missed payment on the month that was missed?

We have gotten approval in principal from a number of banks, but i believe this means nothing really. I gave the broker all the documents etc and was only asked for three months current account statements, and had letters from each bank i had loans stating i owed them no further monies as i cleared my loans with them before going for the mortgage.

FA

By the sounds of it you will have no probs, and nothing to worry about on the ICB.

Out of interest whats the best rate you are getting on your mortgage?