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Missed direct debits impact on mortgage approval

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  • 10-03-2024 9:42pm
    #1
    SpaceCowb0y
    Registered Users Posts: 4,094 ✭✭✭


    Does anyone know if 2 missed direct debit payments will affect my chances of getting Mortgage approval? Hoping to apply at the end of this month.

    In the last 6 months I have (stupidly in hindsight) purposely missed paying my gym membership fees on 2 occasions by transferring my money into another account as I wasn't in the country for those 2 months. Once last Novemebr and then again in January. Aside from this I have never missed a loan repayment or done anything else i think might affect my credit rating and I have consistently saved and paid my rent and bills on time etc but i'm concerned the two 'drs' on my bank statements might be the thing that prevents me from getting approved?

    Anyone with any info on this would be appreicated!



Comments

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    #2
    ted1
    Registered Users Posts: 23,266 ✭✭✭✭ted1


    Yes. They’ll look for about 6 months with no returned DD



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    #3
    o1s1n
    Registered Users Posts: 34,431 ✭✭✭✭o1s1n
    Master of the Universe


    They definitely don't like it but you can still make it work. Are you going through a broker?



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    #4
    JVince
    Registered Users Posts: 762 ✭✭✭JVince


    Once you have a plausible reason and the payment was made when it was noticed, it shouldn't affect the application.



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    #5
    GHendrix
    Registered Users Posts: 91 ✭✭GHendrix


    I worked for a bank in the past. 2 wouldn’t be a huge deal if everything else is in order. Although they might ask for some details.



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    #6
    SpaceCowb0y
    Registered Users Posts: 4,094 ✭✭✭SpaceCowb0y


    Thanks all, not sure whether to go through a broker or just apply to the banks directly myself? Would one approach be more beneficial in getting things to go through despite the 2 missed DDs? really dont want to have to delay applying for longer if it can be avoided but I also dont want to shoot myself in the foot applying only for it to be refused.

    What would be the implications if I did apply and got refused, would I simply have to wait an extra couple of months to reapply when i've 6 straigth months with no issues or would a refused application make things even worse?



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