Chances of getting mortgage with payday loans 4 years ago?

aalexandram

Hi guys,


My husband and I are FTB. We are seeking to purchase a property via the HTB Equity Loan Scheme and our LTV will be 75%.


We have an AIP with Natwest and our mortgage application was submitted a few days ago.


We both have both taken 2 x payday loans out in the past (we were both very poor students at the time!). My 2 loans were taken out in September 2011 & November 2011 (paid back in time) and my husbands were taken out in July 2011 & August 2011 (paid back in time). We have not had any pay day loans since.


I have checked both my Equifax and Experian reports and cannot find any records of the loans?! However I am not sure whether our correct address has been supplied to the credit agencies as it was a flat and our address there was never recognised anywhere...Natwest couldn't even find it on their systems when I opened a bank account with them some years ago.


We have no late payments in the past 4 years however I did go over my credit card limit by a couple of £ in July, August, September 2014 as I thought I had a DD in place. I did pay some off the credit card as soon as my balance was updated (a couple of days) to bring it back within the limit and that card has since been closed in March 2015. I had a bit of a row with the lender as my balance was taking 3+ days to update and I thought I had more of a limit than was available! (I know I was cutting it close though, please don't shoot me down).


Realistically, what do you think our chances are, especially with the loans?


TIA.

amnblog

These pay day loans are old history and unlikely to affect an application unless you have a particularly small deposit.