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chances of new mprtage if husband used a pay day loan?
sarah_meek
Posts: 2 Newbie
hi, does anyone have any advice to help? Husband used a payday loan for £50 paid it back, but our mortgage lenders have said we cant take a new mortgage because of it> is there anything we can do??
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The issue for lenders is the reasons behind why your husband needed to take out a payday loan in the first place. As really a last resort as a source of borrowing.0
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There are lenders who do not mind, but as Thrugelmir says they may delve in to why it was taken out.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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How long ago was the payday loan taken out?
I think the answer to that will also depend on which lender may be willing to consider you. Do you have any other debts etc?:jFinally going to be a homeowner:T0 -
It was £50 last month, i'm so mad with him !0
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Maybe try getting advise of another mortgage broker. £50 is not a lot but I know lenders are very against payday loans. Or you could wait 6 months to a year before trying and try to keep your credit rating clean.:jFinally going to be a homeowner:T0
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Some lenders (including yours it seems) are black and white on payday loans whereas others are a bit more flexible.
It'd be worth your while getting expert advice on this one.I am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
sarah_meek wrote: »It was £50 last month, i'm so mad with him !
Why though?0
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