Applying for a mortgage with a history of payday loans

Charlieengland9

I am hoping to apply for a mortgage this year. The last couple of years I have been very good with my credit paying it off on time and my credit score is now 999 (highest possible score through Experian)

However in the past I was very bad with payday loans using multiple companies very frequently and was very irresponsible with them. I have not used one for over 2 years now and built up my report since then which is now great.

I worry these payday loans in the past would affect me getting a mortgage.

I would love to hear of people who have been in a similar situation in the past and maybe have been accepted for a mortgage.

[Deleted User]

It's one for a broker.

It's not impossible, but you've limited your options.

Post on the mortgages board for better advice. Ignore your credit score (it's not real and with payday loans on your file, no lender will be giving you a high score) and have a look at the data that appears on your three reports. That's the sort of detail that a broker will need.

welly_59

Payday loans over 2 years ago won't effect your mortgage chances. Most lenders don't like to see them in the last 12 months

[Deleted User]

Don’t be disappointed if a high street lender rejects you despite your “perfect score”.

Charlieengland9

Is that to say that other mortgage lenders would do? I believe the interest would be a bit higher how much would you think?

[Deleted User]

Who knows.
You can try a HS lender and see what they say.

If not you’ll need to speak to a broker

A4445

I work with mortgages and we won’t touch anyone that’s had a payday loan in the last 2 years after that it’s not an issue.

Charlieengland9

Do you know any lenders who’s criteria is the same? I’ve heard Barclays is pretty good

[Deleted User]

You’ll need to speak to a broker