Mortgage saga and payday loans

Msmith1087

Hi all,

My boyfriend and are in the process of applying for a mortgage with Santander. We are looking at 300k property and have 15% deposit saved.

This is our situation...my boyfriend had 33 payday loans between 2011-13 (I had no idea and he is fully aware of how stupid has been) as well as a few missed credit card payments a couple of years ago.

The last one was settled in jan 2014 so he is clean from credit cards, payday loans etc (apart from an arranged £500 overdraft which he used Kat month but has now been paid back. We understandably got declined for a mortgage (nationwide) in q1 2014 (when all of this became clear) and spoke to a mortgage advisor.

He had not seen a case like this before and did some digging and found santander the most lenient. He got us an offer in principal and said that He has no idea if it will get through the underwriters. we are now awaiting the outcome of the full application (submitted on Wednesday) having found a property.

I just wondered whether anyone had an similar problems and what the outcome was? I am literally sick with fear that it won't get through but obviously there is nothing we can do now that they are in the past apart from keep everything above board.

It's causing so much tension between the two of us as I feel like my boyfriend has completly !!!!!!edour chances but he didn't have any idea when he took them out that they stay on your record for 6 years!

andyfromotley

You can but try,

i think you may struggle as it isn't really that long ago. I have read on these forums that some companies only look for payday loans over the last 12 months, but the missed payments may lead to extra scrutiny.

I hope it goes through but if it doesn't try to keep it in perspective. Time will heal this, you can save more and eventually you will get a mortgage. Good luck.

Red-Squirrel_2

Msmith1087 wrote: »

Hi all,

My boyfriend and are in the process of applying for a mortgage with Santander. We are looking at 300k property and have 15% deposit saved.

This is our situation...my boyfriend had 33 payday loans between 2011-13 (I had no idea and he is fully aware of how stupid has been) as well as a few missed credit card payments a couple of years ago.

The last one was settled in jan 2014 so he is clean from credit cards, payday loans etc (apart from an arranged £500 overdraft which he used Kat month but has now been paid back. We understandably got declined for a mortgage (nationwide) in q1 2014 (when all of this became clear) and spoke to a mortgage advisor.

He had not seen a case like this before and did some digging and found santander the most lenient. He got us an offer in principal and said that He has no idea if it will get through the underwriters. we are now awaiting the outcome of the full application (submitted on Wednesday) having found a property.

I just wondered whether anyone had an similar problems and what the outcome was? I am literally sick with fear that it won't get through but obviously there is nothing we can do now that they are in the past apart from keep everything above board.

It's causing so much tension between the two of us as I feel like my boyfriend has completly !!!!!!edour chances but he didn't have any idea when he took them out that they stay on your record for 6 years!

Based on the bolded, if you do get another rejection I think you might need to find a new broker who has more experience of cases like yours.

ACG

I have never used Santander, but I always had in my head nationwide were a little more forgiving than santander would be.

That being said, im sure there will be options even if Santander do decline it.