History of pay day loans - wanting a mortgage

AB3II

Hi guys,

New to this website - read quite a few threads but still unsure on my situation.

Me and my fianc! have recently had an offer accepted on a house, a lot earlier than we were expecting - we were casually house hunting not expecting to find a house until September/August but we randomly went to a house viewing and found the perfect house.

The house is £180,000 and we have a deposit of £40,000 LTV of around 78% I believe.

Now to my issue - I was utterly stupid last year it baffles me to this day, I took out around 6 payday loans with the same lender over the summer last one settled in October 2018 all settled early, for some reason I believed this would boost my credit score as I knew a house would be on the horizon this year, but obviously now I know this isn’t the case (idiot I know) and I know lenders hate payday loans, we have been offered an AIP from Halifax which I understand isn’t guaranteed, but we are also meeting with a broker this weekend (Saturday) - my partner has a perfect credit score, brilliant with money and only pays £185 on car finance, myself I have £165 monthly payment to a college course which helped me qualify as an electrician and also a credit card with £1000 balance credit limit of £1500 which I’m planning of settling in the next few months, I also have a default from June 2013 from 02 which the amount is settled, I believe this will be removed June this year?

But my question is what do you believe our chances will be? I’m panicking thinking because of me I’m going to ruin our chances of getting our perfect home - any advice would be appreciated!

I also understand they do ask for bank statements which is fine, I’m just worried about transactions to bet365 I am no means a heavy gambler I just enjoy a cheeky bet maybe every couple of weeks around the sum of £5/10 equalling £20 a month and obviously this will show up on my bank statement,

Thanks in advance

ACG

Bet365 will not be a problem. Most people put a few quid on at the weekends, if you are doing small amounts on rare occasions it will not be a problem.

The Pay Day loans will not be a deal breaker, they will however limit your options. As you have over 6 months clear, there will be normal options open to you. I was updating our spreadsheet on pay day loans last week so my information is quite up to date on that front

Relax, you should be fine.

AB3II

Thanks for your information advised quite a while ago now! I've seen you on 99% of the Mortgage forums and was hoping for a reply from you and it really helped.

I didn't want to keep posting on here until we had an outcome, I can confirm we received a Mortgage Offer today from Halifax with no problems at all - Broker was amazing and Halifax only ever requested 2 wage slips off us, Surprised but over the moon!

Thanks for your input helped a lot at the time

iarniee

AB3II wrote: »

Thanks for your information advised quite a while ago now! I've seen you on 99% of the Mortgage forums and was hoping for a reply from you and it really helped.

I didn't want to keep posting on here until we had an outcome, I can confirm we received a Mortgage Offer today from Halifax with no problems at all - Broker was amazing and Halifax only ever requested 2 wage slips off us, Surprised but over the moon!

Thanks for your input help a lot at the time

Congratulations.

jee

Nice to see an update! Congratulations

AB3II

Random update from me last time I was in touch was all the way in June :O

Moved into our house last Tuesday, was a long process due to sellers but all was good our side, Thank you to everyone for the advice and reassurance.