Mortgage eligibility after payday loans

Mortgageafterpdl

Hi all, in late 2018/early 2019, I used a couple of payday loans. Please don't judge me. I had terrible post natal depression after finally having our child - following 10 long painful years of trying! I didn't realise they appeared on your credit file, how stupid am I?
Still, I fortunately recovered well and quickly. My credit rating/file/scores are excellent, I have a very good salary, outside of the PDL's my history is v good. I also have a low LTV need as I only need to mortgage 42% of the value of our home, and no extra borrowing needed.
Does anyone know what my chances would really be with a 42% LTV and excellent credit scores, as I read everywhere that PDL's can scupper anyone's chances if they exist on your file!

foxy-stoat

I am sure PDL's would have an impact but if you only want to borrow 42% then doubt that will be the reason not to lend.

Even ex Bankrupts and IVA'ers get accepted at 75% LTV.

Mortgageafterpdl

Thanks Foxy. That's the first positive news I've had thus far. 

MovingForwards

You will need a good broker, as that will save you reading through ever lenders criteria.

Ask friends / family who they used and whether they would recommend them, if they purchased within the last few years. If no one has, there are a few brokers who post on MSE; you can message them, they cannot approach you first.

Perhaps @haras_n0sirrah would be a good start as she's so friendly.

firsttimebuyer2020x

Hi
My partner had 10(!!!) payday loans over a couple of years. The last one was a year ago. 

Last month we applied for a mortgage with NatWest and thankfully we heard last week that our application was approved subject to valuation. 

Hope this gives you some reassurance

Mortgageafterpdl

Thank you so much and that's fantastic for you both. Congrats 

haras_n0sirrah

Thank you @moving forwards
OP we are happy to help if you would like us to have a look at it. We are not allowed to approach you so you would need to pm me first if you would like any help

Kiwistrawb1990

I used PDLs a lot from 2017-mid 2019. I think I counted 21 in total on my credit file. Have a mortgage with a high st lender at 1.7% don't worry x

Kiwistrawb1990

Also recommend @haras_nosirrah she is super friendly and always willing to help x

haras_n0sirrah

Kiwistrawb1990 said:

Also recommend @haras_nosirrah she is super friendly and always willing to help x

Thank you - it is haras_n0sirrah (lost the original account in the change over )