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Advice? mortgage with payday loans&defaults pls!!
Kaggs!
Posts: 118 Forumite
Hello, can anyone help me pls? We have just paid a deposit on a new build, help to buy scheme, as advised by our mortgage advisor, as we have mortgage in principal. I am really worried and doubtful as we have defaults & have had payday loans in the past... do we have a chance with this or am I still praying for a miracle... husband earns £62k myself £16k :huh: 
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Hello, can anyone help me pls? We have just paid a deposit on a new build, help to buy scheme, as advised by our mortgage advisor, as we have mortgage in principal. I am really worried and doubtful as we have defaults & have had payday loans in the past... do we have a chance with this or am I still praying for a miracle... husband earns £62k myself £16k :huh:
Maybe or maybe not.
No one on here can say if you have a chance.
How old are the pay day loans ?
Some lenders may treat pay day lenders differently. Might find your only offers are higher rates.0 -
How old are the defaults? Different lenders have different criteria and when it comes to payday loans some will automatically decline an application if any are evident. If your Mortage Advisor is aware of the above I’m sure they will advise of the best course of action. If you have a decision or agreement in principle defaults and payday loans should have already been taken into account.Darren :beer:0
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The last pay day loan was 2016, defaults should drop off at the end of this year... 2 are still active with EE but are being disputed as they where settled a few years ago, thanks0
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Yes of course, he!!!8217;s coming to see us on Wednesday... but I!!!8217;m so anxious and impatient haha0
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As already mentioned, your Mortgage Broker will know best who to approach after assessing your credit files etc. Some lenders won’t entertain pay day loans, especially so recent and coupled with defaults (albeit quite old by the looks of it) so it may be a ‘Credit repair’ job. If you have a back story re the active defaults this would also be worth explaining to your Broker.Darren :beer:0
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Thank you, appreciate it0
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What you mean by a credit repair job?0
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Credit repair is the new term for what used to be a sub prime mortage. Providers of credit repair mortgages are more leniant and tolerable of adverse credit.Darren :beer:0
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Ahh I see... gives me a little more hope ... thanks
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