Halifax mortgages payday loans

Wd85

I’m wanting to apply for a mortgage with Halifax I want to borrow 77,000 so my LTV is roughly 60% as I have a large gifted deposit (50k)

I have recently got payday loans all paid off last one in January. No adverse credit history and I did the decision on principal with Halifax last week for 77,000 which was accepted.

does anyone think I could be declined a mortgage due to the payday loans? Should I try a broker ? I’ve banked with Halifax for years so ideally I’d like my mortgage with them.

Wd85

Can anyone help?

Bobthebuildercanyoufixit

Hi,

it would be a good idea to speak to a broker before submitting the application, as i am aware that payday loans will effect the mortgage application.

i am in a similar position, and some lenders (especially high street lenders) do not like payday loans at all regardless if everything else on your credit file is perfect. Having said this some do not mind as much, but its about finding the right one- according to my broker. 

Your LTV is very good though! So thats a big positive. 

Good luck!

Wd85

Have you managed to secure a mortgage with your payday loans? 

Bobthebuildercanyoufixit

We have just had our offer accepted on a house and have only spoken to a broker regarding mortgage and he advised that alot of lenders will find the payday loan to be a problem but he said he will tru find the right lender

Wd85

Hope you find one mate.  I paid my pay day loans off before they was suppose to of been. We relocated from Manchester to Wales so needed the extra cash as it was Christmas time as well. I got to keep my job but wife needed to get a new job. 

Keep me updated with your case.

funky1471

Wd85 said:

I’m wanting to apply for a mortgage with Halifax I want to borrow 77,000 so my LTV is roughly 60% as I have a large gifted deposit (50k)

I have recently got payday loans all paid off last one in January. No adverse credit history and I did the decision on principal with Halifax last week for 77,000 which was accepted.

does anyone think I could be declined a mortgage due to the payday loans? Should I try a broker ? I’ve banked with Halifax for years so ideally I’d like my mortgage with them.

I would def. go to a broker - I don't think loyalty to your bank ever gets you anything these days to be quite honest. Every situation is unique but a broker will have access to huge number of lenders. There are some that don't charge fees, I think L&C Mortgages is one of them.

Wd85

L&C I looked and because I had got recent payday loans in two year they’ve said I need to speak to another company who charge £995 for a broker 

K_S

@wd85 With multiple payday loans as recently as January, L&C types are unlikely to be able to spend the time and effort your case probably needs.

Do shop around before settling on an experienced specialist broker, ideally find one that only charges on mortgage offer, or charges the bulk of the fees on offer. At 60% LTV you should have options. Good luck!