Was late paying mortgage a few times should I now overpay

Have had some finiancial problems. My mortgage was in advance but ended up using this up and was one month in arrears. Financial position has now improved and I am in a position to now overpay again (double payments). Will this help with getting my credit rating back on track?

dont worry about credit rating. cash is king. conserve cash for rainy day.

Eblana said:

Have had some finiancial problems. My mortgage was in advance but ended up using this up and was one month in arrears. Financial position has now improved and I am in a position to now overpay again (double payments). Will this help with getting my credit rating back on track?

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Unless you have been informed by your bank to the contrary, you shouldn't worry about one missed payment. You have a good history and most institutions won't register a non payment with the ICB until at least 2 missed payments and an official warning letter. A payment could bounce for any number of reasons outside your control and a standard practice is to represent a direct debit 14 days after it has been returned to attempt to get the funds once again. They usually do this without even making contact with you. A letter follows if this is not successful but in general you have a little leeway. Though obviously, repeat offenders may find themselves in difficulty.

A.

Firstly, have you checked your credit rating with the ICB Eblana?
Secondly I am guessing you have already caught up with your repayments and settled the arrears?

I haven't checked with ICB yet. I wanted to get everything sorted out first. I have it all back up to date now. How long does it take to go off your record that you were in arrears? I know my current mortgage provider will always know but will this stop me from getting a mortgage from others in the future if I wanted to move house etc.

If the one month arrears is on your ICB report, you can ask to have a comment on it explaining the circumstances.

Given the state of the country, one month is a minor blip. If you're on time with remaining payments, it shouldn't count agaisnt you in future.

markowitzman has a point - if you have extra cash, keep it for yourself. Do you have a rainy day fund of 3-6 months savings? If not, I'd get one together.

Thanks for the advice folks, going to open a savings account and put the extra money in there for rainy day