Mortgage with past payday loans

haras_nosirrah

There are lenders who will lend under help to buy with past payday loans in the last 12 months. Unless it is a real one-off which can he justified (as my clients could and we got him successfully sorted with a high street lender) you are looking at adverse lender rates if under 12 months since satisfaction

SPM87

I'll see what Barclays do although after the above I don't hold it with any hope..I know Leeds don't care about payday loans like high street and they have confirmed that with multiple brokers who I have spoken to so that will be my back up before going for adverse

nsrock1978

SPM87 the property we are after is released for sale next month. So we haven't applied for anywhere yet. At the moment we are planning to go with Precise mortgages. Sorry i didn't mean to stress you out. Hope it will work for you

SPM87

If that's their actual criteria then they should input that into their system at credit scoring level and avoid wasting people's time

It is not all bad there are some advantages to going with Leeds instead of Barclays... hopefully I found out more today and I'll keep you updated

nsrock1978

SPM87, My broker today told he had a long conversation with barclays today and He said Barclays may taking into account the reasons behind the use of past payday loans and the reasons that I would not need to depend on them now. So he suggested to me its worth trying them first and keep precise as last option. So bank may come back and ask you the reasons for the payday loan use OR you can explain that to them if needed. Hopefully it won't come to that and you'll be accepted.

SPM87

Thanks for the info mate, yes a broker said something similar to me too on that front, that I may get asked but he also said their in principles are quite reliable

I'd rather be asked than just flat out rejected... But hopefully it just goes through...I should know something by Monday I was told but they are quite busy because of their improved rates... probably a good sign they want to sell mortgages!

Tuesday1510

Did you guys get accepted? Hope it went well

SPM87

still waiting on a decision... advisor is going to speak with the underwriters today but they have apparently checked through most of the detail just waiting on an actual decision....

i dont know how their underwriting process works so have no idea if there is no issues or not as a result

nsrock1978

SPM87 did you get a decision from them?

SPM87

starting to realise why mortgage brokers dont like using barclays... everything is fine apparently just doing some more internal checks... whatever that means

i should MAYBE know the outcome by end of play today but i am not holding my breathe - its rather frustrating at the moment