new mortgage, with payday loan history?

iflavour

Good morning all, more of a fact finding question as a newbie (to what is a brilliant forum).

Very simply, have any of you been able to get a mortgage recently despite having history of payday loans on your credit files?

If so what was your experience with mortgage lenders.

Many thanks in advance, iflavour.

Teaandtoast0124

As long as there 12 months old. There should be no problem. I no natwest instantly decline if there is any payday loan activity in 6 years.

malifax_2

I managed to get a Mortgage with the leeds with a Wonga loan on my file which was nine months old.

Thrugelmir

A history of PDL's suggests that they may be other factors that may determine the outcome.

Georgiecoh

Teaandtoast0124 wrote: »

As long as there 12 months old. There should be no problem. I no natwest instantly decline if there is any payday loan activity in 6 years.

I'm sorry but that's incorrect I have a number of wonga loans on my credit file and I have just been approved subject to successful valuation with Natwest. I don't have the best credit either (eg small default ).. There's always hope.

iflavour

Teaandtoast0124, malifax and Georgiecoh

thank you all for the timely, helpful and constructive comments.

More experience based thoughts greatly welcomed.

Teaandtoast0124

Georgiecoh wrote: »

I'm sorry but that's incorrect I have a number of wonga loans on my credit file and I have just been approved subject to successful valuation with Natwest. I don't have the best credit either (eg small default ).. There's always hope.

Natwest do not accept people with previous payday loan history. Luckily for you, natwest only search your equifax credit report. And wonga do not appear on Equifax

kingstreet

FWIW last I heard, NatWest only looks at PDL activity in the last year and there was recently a case on HBR&S where someone was accepted by NatWest with that activity still visible.

https://forums.moneysavingexpert.com/discussion/5192719

I could only surmise that the same as in Georgiecoh's case, NatWest never saw the PDL activity, or his default so the applicants were lucky in both cases and NatWest should not be seen a a soft-touch for PDL or adverse credit cases.

iflavour

Good morning all,
Just to come back with an update.

Barclays and HSBC are NOT places where one should apply if you have had payday loan (pdl) history on an otherwise clean credit file.

Nationwide on the other hand are absolutely fine.
Moving in to our new home in 2 weeks. Delighted.

Anyone else have any successful or uncessful recent experience please feel free to populate the thread.

Good luck to you all.

iflavour

Good morning all, I have been asked to bump the thread, so here goes:

Anyone have any recent mortgage application success or failures, with visible payday loan (PDL) activity on credit rating agency files. Many thanks again and Happy holidays.

BUMP!

carlbcfc

Any update on this?