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FTB with historic PDL's!? help...
Jayswin88
Posts: 5 Forumite
Hi All
Long story short, i'm 26 and living with parents. My dad lost his job a few years ago and in order for my parents to keep up with the bills and not face losing the house whilst he was out of work, I contributed a lot towards the bills. Wasn't earning a huge amount at the time (about £18-20K) and rather than being honest with my parents that I couldn't afford to contribute as much as I was and still live a nice life, I turned to payday loans to see me through. This was my only option at that time as my credit score was really low due to a historic default. Always paid the PDL's back on time or even before, but wasn't aware at the time that they would have such an adverse affect in future.
Skip forward to present time and I am now earning a huge amount more than I used to (£37k), the old default has disappeared from my files as it was 8 years ago now, I have an "excellent" rating on Equifax and manage a credit card, phone bill, car lease with absolutely no issues at all.
My big worry now is the PDL's. The last one I had was about 18 months ago, but there was a huge flurry of them for about 12 months up to this point. I'd ideally like to buy a £120k house with a 15% deposit saved, but worry that it'll be an instant "computer says no" when they see the historic PDL activity.
I know my first port of call should be a broker; but is there anything else I can do to be a "model mortgage candidate" or is more time the only healer in this case?
Thanks in advance x
Long story short, i'm 26 and living with parents. My dad lost his job a few years ago and in order for my parents to keep up with the bills and not face losing the house whilst he was out of work, I contributed a lot towards the bills. Wasn't earning a huge amount at the time (about £18-20K) and rather than being honest with my parents that I couldn't afford to contribute as much as I was and still live a nice life, I turned to payday loans to see me through. This was my only option at that time as my credit score was really low due to a historic default. Always paid the PDL's back on time or even before, but wasn't aware at the time that they would have such an adverse affect in future.
Skip forward to present time and I am now earning a huge amount more than I used to (£37k), the old default has disappeared from my files as it was 8 years ago now, I have an "excellent" rating on Equifax and manage a credit card, phone bill, car lease with absolutely no issues at all.
My big worry now is the PDL's. The last one I had was about 18 months ago, but there was a huge flurry of them for about 12 months up to this point. I'd ideally like to buy a £120k house with a 15% deposit saved, but worry that it'll be an instant "computer says no" when they see the historic PDL activity.
I know my first port of call should be a broker; but is there anything else I can do to be a "model mortgage candidate" or is more time the only healer in this case?
Thanks in advance x
0
Comments
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Hi, i have recently been accepted for a mortgage for £11000 earning £25k and i have used PDL's in the past and this didnt crop in my application at all.
Chris0 -
Thanks Chris - that is certainly encouraging. How long ago did your PDL's date back before you applied for a mortgage? And did you still manage to get a competitive interest rate?
Jen0 -
As long as the PDLs were paid back and no payments defaulted, it is seen as positive managing of your income etc. I would not think it would matter unless you missed payments0
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