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  • FIRST POST
    • Jaglad111
    • By Jaglad111 3rd Sep 17, 11:03 AM
    • 85Posts
    • 160Thanks
    Jaglad111
    Payday loans success
    • #1
    • 3rd Sep 17, 11:03 AM
    Payday loans success 3rd Sep 17 at 11:03 AM
    Just wanted to share my story for others who have been scared away from attempting to get a mortgage due to adverse credit and previous payday loans.

    Myself and wife planned our move for next year but our dream home came onto market for £250k so decided to try to get a mortgage. First time buyers

    Me - wage £69k (50k basic plus shift, 19k non-guarenteed o/t)

    Credit history - 1 missed payment last 6 months, 8 x Payday loans Nov 2016, last one showing settled Jan 2017. Prior to Jan 2017 in overdraft to limit every month, credit cards maxed (sub prime, small limits) approx 6 missed payments prior to that.

    Wife - £24.5k salary - Spotless credit file.

    My credit file may read a little misleadingly, I had cash reserves but tied up in speculative stocks on the AIM market and a few thousand in some FTSE 100 companies.

    I was ill for a couple of years and whilst awaiting an operation used the payday loans to bolster my instant access cash reserves so should the worst happen unexpectedly my wife would have funds whilst everything else was settled.

    Op went well and gave me a wake up call, released my FTSE 100 money and cleared all debts, held other shares which finally took off giving me a pot of 48k.

    I tracked down ACG from this site and he believed we had a few options so got an AIP, offer accepted and began the mortgage process. 18 Days later we have a full offer, 15% deposit, 2yr fix at 4.75% through Aldermore! ACG passed my case to the wonderful Dawn and their relationship with the BDM at Aldermore and common sense underwriting got us through!

    We would of had the offer much sooner but we had to wait 12 days for a valuer to be available!

    So key facts, 5 1/2 years of poor to average history, 8 x payday loans in the past 9 months (6 months clear) and full mortgage in hand.

    My advice - Dont give up, employ a bloody good broker and you will be amazed at what can be achieved.

    Thanks ACG and Dawn (Mortgage Success) - Made our year! Fingers crossed we are in our new home for xmas!
Page 1
    • ACG
    • By ACG 3rd Sep 17, 11:15 AM
    • 15,399 Posts
    • 7,786 Thanks
    ACG
    • #2
    • 3rd Sep 17, 11:15 AM
    • #2
    • 3rd Sep 17, 11:15 AM
    Thanks for the kind words
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Jaglad111
    • By Jaglad111 3rd Sep 17, 11:20 AM
    • 85 Posts
    • 160 Thanks
    Jaglad111
    • #3
    • 3rd Sep 17, 11:20 AM
    • #3
    • 3rd Sep 17, 11:20 AM
    Credit where it is due, I wouldn't of given us a cat in hells chance of getting the mortgage.

    Your business is aptly named!
    • susannthe3cs
    • By susannthe3cs 4th Sep 17, 12:54 AM
    • 101 Posts
    • 41 Thanks
    susannthe3cs
    • #4
    • 4th Sep 17, 12:54 AM
    • #4
    • 4th Sep 17, 12:54 AM
    This is good to hear as I feel like I've been waiting for a decision forever off them, although not sure if it was them or my broker������
    • Jaglad111
    • By Jaglad111 4th Sep 17, 8:29 AM
    • 85 Posts
    • 160 Thanks
    Jaglad111
    • #5
    • 4th Sep 17, 8:29 AM
    • #5
    • 4th Sep 17, 8:29 AM
    Good luck Susan. Are you going with Aldermore too?
    • susannthe3cs
    • By susannthe3cs 6th Sep 17, 2:34 PM
    • 101 Posts
    • 41 Thanks
    susannthe3cs
    • #6
    • 6th Sep 17, 2:34 PM
    • #6
    • 6th Sep 17, 2:34 PM
    Hiya yes, sorry for delay it's just gone to valuation stage so am hoping that's a good sign x
    • Jaglad111
    • By Jaglad111 6th Sep 17, 3:03 PM
    • 85 Posts
    • 160 Thanks
    Jaglad111
    • #7
    • 6th Sep 17, 3:03 PM
    • #7
    • 6th Sep 17, 3:03 PM
    Good luck Susan, I got my offer the day after valuation, would of been 48 hours but it was a friday and my broker pushed for the verdict early. A good clue is that I had a call about 9.30am friday morning from Aldermore to check a couple of details such as the account my payments would be coming from, Tel. No and address. Offer recieved that afternoon. So fingers crossed for you!
    • MissSJL
    • By MissSJL 7th Sep 17, 9:10 PM
    • 108 Posts
    • 4 Thanks
    MissSJL
    • #8
    • 7th Sep 17, 9:10 PM
    • #8
    • 7th Sep 17, 9:10 PM
    Congratulations! I have some dodgy stains on my credit file due to stupidity when I was in my 20s but working hard to get things cleaned up. Just need to get enough of a deposit together now! I know 15% gives you a much better chance but out of interest do you think 10% gives us a chance with sub primers such as Aldermore? Prices are rising fast in our area - we are running out of time to save...
    • Jaglad111
    • By Jaglad111 8th Sep 17, 10:39 AM
    • 85 Posts
    • 160 Thanks
    Jaglad111
    • #9
    • 8th Sep 17, 10:39 AM
    • #9
    • 8th Sep 17, 10:39 AM
    I do believe thay do a 90% ltv product. I would all depend on what previous adverse you have and how long ago it was. I have sent you a PM with the name of somebody to contact, they really know their sub-prime lenders and will be of far more use to you than me, best of luck!
    • Fireflyaway
    • By Fireflyaway 8th Sep 17, 12:35 PM
    • 1,171 Posts
    • 1,204 Thanks
    Fireflyaway
    Thanks for sharing. Its great to hear stories like yours. My recent post was about just this topic. With defaults, old payday loans etc I was worried 'the computer would say no' and that would be that, but as you have shown there is hope if a broker takes the time to understand your situation.
    I feel much more positive. The thought of not being able to move on from past mistakes was getting me down.
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