Mortgage with past payday loans

ashp_2

nicholbb wrote: »

I had very good credit score, no payday loans and could go as low as 70% LTV. Was rejected by Santander because of a 0% credit card (from Santander) that had been fully paid off.

Went to Halifax and no issues and got higher mortgage. Different lenders have different computer says yes criteria.

Not endorsing or criticising either bank, just way it was for me.

Edit: Just to add, good luck, when it happens it feels good.

Yes It's quite strange how it works. I have had pay day loans, have 4k on a 0% credit card and took out a loan for my deposit and Santander had no worries. Only asked for 1 payslip!

no_worries_2

Hi,

Im looking at applying for a mortgage with my girlfriend in about 8-10 months time with approx a 8/10% deposit. However l did have a quite a few payday loans over a 2 year period, the last one being about 1 year ago.

Does anyone know if this (and how badly) this will affect things?

Thanks

ACG

Some lenders will decline you outright, others will not mind and some will take it on a case by case basic.

You need to speak to the lenders direct closer to the time (as criteria changes) or speak to a broker.