new mortgage, with payday loan history?

David_White

The real question is can you afford to raise a deposit and pay a mortgage if you've been relying on payday loans in the last few years?

carlbcfc

Okay David, I'll take the bite and explain my situation regarding why I took out 2 payday loans. The first was during a period of credit repairing, which I now know to be a bad decision, in fact, I read it helped, and it improved your 'rating'. Literally under £50, paid off days later.

The 2nd, was a bridge for a DD I had forgotten about. It was not needed, and I had plenty of cash savings, but as it was out of hours, I used one. Paid it off the next day.

I earn 34k per year
My financial outgoings are approx 350 per month.
No defaults
No CCJ
Same addy for near 7 years, electoral register 2yr 10 months though
No overdraft
3 credit builder cards, used wisely, now cleared.
1 Barclaycard, that is in my financial outgoings I mentioned
(this contains car insurance etc, its very high here)

As you can see, I am 'clean' other than these 2 paydays, one 11 months ago, one 20 months ago. Both paid off within a day or 2.

What I am getting at is my broker cannot get me much joy hawking around my Experian credit file (score 914, like it matter though) with the paydays on. But I notice my Equifax is clean, showing no paydays. Will this help if a lender is blind to it?


EDITED