FTB with a PDL history!

Madbags

Teaandtoast0124 wrote: »

Glad you posted that comment madbags. Ive got payday loan in 2011/2012 and im worries nationwide will decline me on the 2cnd. What was your LTV?

Our LTV was 68%, £145k property, £100k mortgage. Obviously that kind of thing makes a huge difference, but even with that I expected us to get declined just based on my past alone.

kingstreet

FWIW I can think of only one lender which AUTOMATICALLY declines for visible PDL use, but only in the last twelve months.

Others may decline at underwriting stage, but only if there are several other things concerning them, such as over-commitment etc.

On the whole, PDL use more than a year ago isn't going to phase most lenders. Skipton appearing to be the blaring exception...

Nkec

Thanks kingstreet... I have to say I have found the whole thing bordering on the bizarre.

It was declined at the underwriting stage and I probed about whether there was any other reason it could have been declined and the PDL was the only reason cited.

They have now also blackmarked my partner from taking out a mortgage without me for 6 years. I swear there isn't anything else wrong with my credit report, but am nervous now even about my association after this...

Teaandtoast0124

Thanks kingstreet. Mind is at rest.

Madbags, what was wrong within your credit report? Did you have any missed payments etc?

kingstreet

Nkec wrote: »

They have now also blackmarked my partner from taking out a mortgage without me for 6 years.

The only thing they've done is a credit search. Nothing else is recorded.

If you had no financial association between you before, you do now. However, if that's such a big issue for you, carry out a disassociation with the CRAs.

TBH that shouldn't really be necessary though.

Madbags

Teaandtoast0124 wrote: »

Thanks kingstreet. Mind is at rest.

Madbags, what was wrong within your credit report? Did you have any missed payments etc?

At the time we actually applied for the mortgage, there were about 5 defaults still registered on my credit report, totalling around £3,000, as well as the discharged Debt Relief Order.


All the defaults except one, which was with Orange, were included on my Debt Relief Order but had not been updated to reflect that they had been discharged/written off. So it all looked pretty bad.

Teaandtoast0124

Wow. They seem pretty leniant. Fingers crossed.

amnblog

kingstreet wrote: »

Get another broker.

This one should be in the circus wearing a red nose and funny shoes.

Sounds like this one is not funny enough for the circus!

amnblog

Jayswin88 wrote: »

I know my first port of call should be a broker

Time saving tip.


Answer your own question.


You've got it Jay.

Madbags

Teaandtoast0124 wrote: »

Wow. They seem pretty leniant. Fingers crossed.

I still had to provide a written explanation as to why and how I got into debt and we sure as hell had to prove how stable we (mostly me) are now.


So I wouldn't say 'lenient' perhaps just understanding, as I'm pretty certain I was scrutinised to no end before the underwriters made their decision.