1st time mortgage with payday loans

sarahb7538

Yes, I am aware i have been stupid. In fact my whole financial management hasn't been the best in the past. But that's what it is now the the past.

I haven't had a mortgage before but I have four payday loans on my credit file from 2015.

Some between July and November 2015 ( between finishing uni and starting my new job)

Some in 2012 (3 loans) when I was at university ��. I went back as a mature student so I found it much harder this time round to live on the limited funding when you have repsonisibilities.

Apart from these negatives the rest of my file is now positive, I was in a DMP but this has been paid off this month.

Hoping to apply later this year for a mortgage. Is it worth even thinking that I maybe accepted or have a blown my chances? Are payday loans a no go with lenders, that is the impression I am getting from reading online.

Has anyone managed to get a mortgage with PDL's?

ACG

If you plan on doing it yourself (ie without a broker), just ensure you check your credit report for any references to the DMP - ie arrears or defaults - before doing anything.

You need to check lenders criteria withregards to the PDLs and the DMP markers that may be on your report.

But in the main I think there will be lenders for you.

sarahb7538

Thank you for your reply.

There is nothing left in my report now - all defaults and DMP references have fallen off.

It's generally quite positive apart from the fact I only have a mobile phone for credit. But I have opened a new credit card, which has been paid off each month in full so I can start building some history again.

It's just these PDL's

Would you suggest a broker might be my best bet? Do you know of any high street lenders that are known more flexible when it comes to PDL's? I know there is never any guarantee.

Sorry I am new o all this with never having a mortgage before.

ACG

There are lenders who do not mind them, brokers can not name lenders on this site but if you speak to a broker they can do a full factfind (takes around an hour) and then do the research specifically for your circumstances as a whole.