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chances of new mprtage if husband used a pay day loan?

sarah_meek
sarah_meek Posts: 2 Newbie
in Mortgages & endowments
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??

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • ACG
    ACG Posts: 24,991 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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 Adviser
    You 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.
  • ap1985
    ap1985 Posts: 325 Forumite
    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:T
  • sarah_meek
    sarah_meek Posts: 2 Newbie
    It was £50 last month, i'm so mad with him !
  • ap1985
    ap1985 Posts: 325 Forumite
    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:T
  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    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 Broker
    You 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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    sarah_meek wrote: »
    It was £50 last month, i'm so mad with him !

    Why though?
This discussion has been closed.
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