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  • FIRST POST
    • tom_burman
    • By tom_burman 16th Apr 17, 5:50 PM
    • 5Posts
    • 1Thanks
    tom_burman
    Payday Loan & Santander Underwriters
    • #1
    • 16th Apr 17, 5:50 PM
    Payday Loan & Santander Underwriters 16th Apr 17 at 5:50 PM
    Hi guys,

    I had a payday loan back in Jan. Paid off all fine - only to realise now that it may cause a problem with mortgage. Me and my other half are applying for a mortgage with Santander on Tuesday. Im pretty certain we will get an AIP but have been told that the Santander underwriters will most likely decline because of the payday loan.

    Anyone had this situation before? Any advice? any comforts? Specifically with Santander.

    Thanks.
Page 1
    • marliepanda
    • By marliepanda 16th Apr 17, 6:16 PM
    • 4,777 Posts
    • 9,617 Thanks
    marliepanda
    • #2
    • 16th Apr 17, 6:16 PM
    • #2
    • 16th Apr 17, 6:16 PM
    Hi guys,

    I had a payday loan back in Jan. Paid off all fine - only to realise now that it may cause a problem with mortgage. Me and my other half are applying for a mortgage with Santander on Tuesday. Im pretty certain we will get an AIP but have been told that the Santander underwriters will most likely decline because of the payday loan.

    Anyone had this situation before? Any advice? any comforts? Specifically with Santander.

    Thanks.
    Originally posted by tom_burman
    A payday loan in the last three months suggests you cannot budget.

    How are you saving your deposit? Paying your bills? Why did you need a payday loan?
    Survey Earnings 2017 - £163
    • tom_burman
    • By tom_burman 16th Apr 17, 6:53 PM
    • 5 Posts
    • 1 Thanks
    tom_burman
    • #3
    • 16th Apr 17, 6:53 PM
    • #3
    • 16th Apr 17, 6:53 PM
    I can budget, I got one because a lot of bills came at once where two of them were unforeseen and important to pay so of course didn't want to miss them, the load wan only for 150 quid.

    My deposit is from savings that I haven't been able to touch until now, hence why I couldn't use them to help me out,

    Have you any experience with Santander and payday loans?

    Thanks
    • jm475
    • By jm475 16th Apr 17, 7:24 PM
    • 16 Posts
    • 9 Thanks
    jm475
    • #4
    • 16th Apr 17, 7:24 PM
    • #4
    • 16th Apr 17, 7:24 PM
    I've no experience of payday loans personally but as im also currently applying to Santander, i've been through alot of threads. It seems they look at alot more than just whether you have payday loans...defaults...existing loans...ccjs...etc. In other threads folk with existing debts, defaults and so on have been approved.

    I wouldnt consider it a write off due to the payday loan, it seems to depend on an awful lot more.
    • Thrugelmir
    • By Thrugelmir 16th Apr 17, 9:14 PM
    • 55,824 Posts
    • 49,191 Thanks
    Thrugelmir
    • #5
    • 16th Apr 17, 9:14 PM
    • #5
    • 16th Apr 17, 9:14 PM
    I got one because a lot of bills came at once where two of them were unforeseen and important to pay so of course didn't want to miss them, the load wan only for 150 quid.

    Originally posted by tom_burman
    So you've no credit facilities available elsewhere? i.e. overdraft, credit cards etc between you.

    Is the deposit being gifted to you?
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • giorgio992
    • By giorgio992 15th Sep 17, 2:25 PM
    • 67 Posts
    • 196 Thanks
    giorgio992
    • #6
    • 15th Sep 17, 2:25 PM
    • #6
    • 15th Sep 17, 2:25 PM
    hey, just wondering how you got on with your mortgage search with a PDL on your file?
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