First time buyer looking for advice.

MisterP123

Hi guys, long time lurker, first time poster.

I'm after a great deal of advice but going to narrow it down for the time being.

My partner and I need our own place and having rented in the past I am unwilling to do it again as I'd rather buy (my choice.) We are only now starting to look into our options, one that has stuck out is the help to buy Wales scheme. The questions begin there and won't really stop, I've researched and will be speaking to a mortgage broker/advisor next week.

But not 10 minutes ago my partner just told me she took a pay day loan out "about two months ago." I am still livid at the moment. Where her pay has gone, I dunno, why she didn't ask me for money, I dunno. My biggest question though is, does this pretty much screw our chances of getting a joint mortgage within the next 6-12 months?
How many lenders do actually write you off as soon as a pay day loan is seen?

Thanks for any helpful information and I'm sure I'll be ploughing plenty more questions your way soon!

Chris

bryanb

Did she pay off on time?

MisterP123

She took it over a 3 month period so still isn't settled yet. I'll be making sure its paid back next week though.

kingstreet

Are you planning on purchasing a newbuild, due to your mention of HTB Wales?

Talk to an independent mortgage broker about avoiding lenders who have an issue with payday loan use. It may be worth checking all three versions of her credit file to see which one(s) the payday loan appears on.