We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
Bluestone mortgages after drafty account
Marxkate
Posts: 1 Newbie
Hi everyone. Will try to keep this short.
Applying via broker with Bluestone mortgages. Full app goes in tomorrow. They already have all documents.
Me - £16,202 - self employed, 1 default, settled, over 4 years old, 1 CCJ, settled, over 4 years old.
Husband - £26,000 - self employed, settled CCJ, overv4 years old.
We had a "Drafty" account. Like a line of credit - says on website not a payday loan. Like having access to an overdraft. All paid of as of July and account closed.
Will this scupper us? Terrified that they will clarify it as a payday loan!
Other than that, do you think the case looks strong? We're using HTB on a £184,995 new build. We have 5% deposit. If we weren't using HTB apparently we'd be on their "clear rate".
Thank you in advance!
Applying via broker with Bluestone mortgages. Full app goes in tomorrow. They already have all documents.
Me - £16,202 - self employed, 1 default, settled, over 4 years old, 1 CCJ, settled, over 4 years old.
Husband - £26,000 - self employed, settled CCJ, overv4 years old.
We had a "Drafty" account. Like a line of credit - says on website not a payday loan. Like having access to an overdraft. All paid of as of July and account closed.
Will this scupper us? Terrified that they will clarify it as a payday loan!
Other than that, do you think the case looks strong? We're using HTB on a £184,995 new build. We have 5% deposit. If we weren't using HTB apparently we'd be on their "clear rate".
Thank you in advance!
0
Comments
-
When did you stop using it/close it?
What was the interest rate? Some lenders class high interest loans as pay day loans (I have had that argument with underwriters before), I think with bluestone it is anything above 60% interest is a pay day loan, so you may need to see if it is within criteria - or run it by your broker.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards