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Short term loans and their effect on obtaining a mortgage
Pinkii
Posts: 1 Newbie
Hi
I feel like I'm stuck in a financial nightmare/merry-go-round. My ex-husband left me with considerable debt and I had 4 accounts put into default and I have since paid them all off. They have had zero balances on them since 2013. I got back on my feet and was on financial level ground for a couple of years. He is still on the mortgage but I have paid it alone since 2013. There was a secured loan on the house and again I have paid this alone. There is around £50,000 equity in the property and my ex-husband has agreed it will all be mine. I have since got a new partner and he moved in about a year ago. He was subsequently made redundant and things went downhill financially since as it took him 10 months to get a job. He has since got a job but has had to work over a month with no pay as yet. We had just about managed over the months with only one income but stupidly this month I used Sunny loans to tide us over, knowing we would be able to pay them off as soon as my partner got paid at the end of this month. We have the house on the market and I went to get mortgage advice. I have a very good salary and a decent deposit but my age (54) is against me. I was also aware that the defaults would make it difficult. So I wasn't expecting it to be easy. I was upset to find that my defaults/age etc could be worked around but the short term loans would be a massive issue. I feel really stupid for taking them out now. I couldn't get an overdraft due to my past financial mess and I used the short term loans as a temporary quick fix. Is there a way round this? I am thinking I will have to take the house off the market and wait. Is this the only option?
I feel like I'm stuck in a financial nightmare/merry-go-round. My ex-husband left me with considerable debt and I had 4 accounts put into default and I have since paid them all off. They have had zero balances on them since 2013. I got back on my feet and was on financial level ground for a couple of years. He is still on the mortgage but I have paid it alone since 2013. There was a secured loan on the house and again I have paid this alone. There is around £50,000 equity in the property and my ex-husband has agreed it will all be mine. I have since got a new partner and he moved in about a year ago. He was subsequently made redundant and things went downhill financially since as it took him 10 months to get a job. He has since got a job but has had to work over a month with no pay as yet. We had just about managed over the months with only one income but stupidly this month I used Sunny loans to tide us over, knowing we would be able to pay them off as soon as my partner got paid at the end of this month. We have the house on the market and I went to get mortgage advice. I have a very good salary and a decent deposit but my age (54) is against me. I was also aware that the defaults would make it difficult. So I wasn't expecting it to be easy. I was upset to find that my defaults/age etc could be worked around but the short term loans would be a massive issue. I feel really stupid for taking them out now. I couldn't get an overdraft due to my past financial mess and I used the short term loans as a temporary quick fix. Is there a way round this? I am thinking I will have to take the house off the market and wait. Is this the only option?
0
Comments
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You will need to seek the advice of a mortgage broker.
Some lenders will straight decline an application at the sight of payday loans, even years old. Your defaults make it less simple too. Doesn't mean you won't be able to get a mortgage, just means you need a professional to source it for you as your history will make it more difficult.
Speak to your friends / family and see if you can get a good local broker recommended to you.0
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