FTB with PDL history...

strawberryswing

Hi all - would good to get some advice pls.

My girlfriend and I are planning to buy our first home together this year or next.

We have a combined annual income of £60k, a deposit of £60k and are looking at a property at about £260k so will be borrowing £200k. We both have 'excellent' credit ratings on Experian and Equifax, have no credit cards or debts and are good with our monthly expenditure.

However when I was at uni I had trouble supporting myself and occasionally took out payday loans to get me through. I took the last one in July 2012 but there are six on my file going back to 2011.

It might be years ago but I am worried that having this history might be a big turn off to lenders now...We are planning to go through a broker but would be interested in hearing about people's experiences.

Any advice?

yessuz

heh.

same questions as to me

Bravestar

strawberryswing wrote: »

Hi all - would good to get some advice pls.

My girlfriend and I are planning to buy our first home together this year or next.

We have a combined annual income of £60k, a deposit of £60k and are looking at a property at about £260k so will be borrowing £200k. We both have 'excellent' credit ratings on Experian and Equifax, have no credit cards or debts and are good with our monthly expenditure.

However when I was at uni I had trouble supporting myself and occasionally took out payday loans to get me through. I took the last one in July 2012 but there are six on my file going back to 2011.

It might be years ago but I am worried that having this history might be a big turn off to lenders now...We are planning to go through a broker but would be interested in hearing about people's experiences.

Any advice?

Wonder no more - PDLs as evidenced from your credit history, will be a big turn off to any responsible lender.

8.Payday loans can hit your ability to get a mortgage - even if paid on time

http://www.moneysavingexpert.com/loans/payday-loans

From the same article

4.If you're regularly getting payday loans, there's a problem

6 PDLs in 12-18 months sounds quite regular to me.

Going to a mortgage broker who specialises in applications made by those with adverse credit history is certainly a good idea.

Alternatively, references to the PDL, like almost everything else on your credit files, should disappear after 6 years of repaying them