Payday Loan & Santander Underwriters

tom_burman

Hi guys,

I had a payday loan back in Jan. Paid off all fine - only to realise now that it may cause a problem with mortgage. Me and my other half are applying for a mortgage with Santander on Tuesday. Im pretty certain we will get an AIP but have been told that the Santander underwriters will most likely decline because of the payday loan.

Anyone had this situation before? Any advice? any comforts? Specifically with Santander.

Thanks.

marliepanda

tom_burman wrote: »

Hi guys,

I had a payday loan back in Jan. Paid off all fine - only to realise now that it may cause a problem with mortgage. Me and my other half are applying for a mortgage with Santander on Tuesday. Im pretty certain we will get an AIP but have been told that the Santander underwriters will most likely decline because of the payday loan.

Anyone had this situation before? Any advice? any comforts? Specifically with Santander.

Thanks.

A payday loan in the last three months suggests you cannot budget.

How are you saving your deposit? Paying your bills? Why did you need a payday loan?

tom_burman

I can budget, I got one because a lot of bills came at once where two of them were unforeseen and important to pay so of course didn't want to miss them, the load wan only for 150 quid.

My deposit is from savings that I haven't been able to touch until now, hence why I couldn't use them to help me out,

Have you any experience with Santander and payday loans?

Thanks

jm475

I've no experience of payday loans personally but as im also currently applying to Santander, i've been through alot of threads. It seems they look at alot more than just whether you have payday loans...defaults...existing loans...ccjs...etc. In other threads folk with existing debts, defaults and so on have been approved.

I wouldnt consider it a write off due to the payday loan, it seems to depend on an awful lot more.

Thrugelmir

tom_burman wrote: »

I got one because a lot of bills came at once where two of them were unforeseen and important to pay so of course didn't want to miss them, the load wan only for 150 quid.

So you've no credit facilities available elsewhere? i.e. overdraft, credit cards etc between you.

Is the deposit being gifted to you?

giorgio992

hey, just wondering how you got on with your mortgage search with a PDL on your file?