We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage help - wonga loan
happytails
Posts: 1,554 Forumite
Mortgage advisor has advised us to wait until July to get a mortgage due to a payday loan of £300 in January 2017 (our only one)
Background, We both have good credit scores, havent missed any payments on anything (loan/CC/mortgage etc) in over 5 years. Are requesting to borrow within our means, although as the top end. CC's sit at £6000 on 0% cards (last one balanced transferred in Dec 2016), on electoral roll etc and hoping to put 15% down on the property with the equity from our current house.
We ended up needing some money fast in January and borrowed £300 with Wonga - paid back within 10 days £323 - account closed.
The advisor we saw said it would seriously hinder us getting a mortgage for a decent rate within 6 months of the pay day loan (taking us to JULY) and that the rates she was looking at were over 5% :eek:
Our house is already getting put up for sale next week - are we really best waiting til July to get a mortgage?
Background, We both have good credit scores, havent missed any payments on anything (loan/CC/mortgage etc) in over 5 years. Are requesting to borrow within our means, although as the top end. CC's sit at £6000 on 0% cards (last one balanced transferred in Dec 2016), on electoral roll etc and hoping to put 15% down on the property with the equity from our current house.
We ended up needing some money fast in January and borrowed £300 with Wonga - paid back within 10 days £323 - account closed.
The advisor we saw said it would seriously hinder us getting a mortgage for a decent rate within 6 months of the pay day loan (taking us to JULY) and that the rates she was looking at were over 5% :eek:
Our house is already getting put up for sale next week - are we really best waiting til July to get a mortgage?
DFW Total £21,800 to clear by Dec 2022
MFW Total £184,950 £179,066 to clear by 2035
MFW Total £184,950 £179,066 to clear by 2035
0
Comments
-
Change your mortgage adviser0
-
There should be options, you may be limited but I would surprised if you can not get a Mortgage at a normal rate.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
-
I agree.
I can think of only two lenders who have a definite prohibition on PDL use, leaving plenty who will consider your application.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Blackbeard of Perranporths comment seconded.I am a Mortgage & Protection 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.0 -
Thanks! New mortgage advisor it is!DFW Total £21,800 to clear by Dec 2022
MFW Total £184,950 £179,066 to clear by 20350
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards