mortgage with lendable loan

ang2999

Hi, i recently took out a loan to combine my husband and i's credit card debt. I closed the cards down so now our only outgoing apart from our car and household bills is the loan. We took the loan with Lendable as they offered us 6%apr where as our bank was charging 10% but i have now just read on another forum that they are classed as a pay day loan and seen someone comment that they had been turned down for a mortgage because lendable are classed as a high interest loan and it would need to have been paid off for 12 months before applying. Is this the case as we were hoping to apply for a mortgage next year.

Thrugelmir

The fact that you have consolidated debt will be be very apparent from your respective credit histories. Lenders reviewing the last 72 months of activity as part of the application process. Generally speaking debt consolidation being viewed as the answer not the solution to the underlying issues. 

Carmen12

ang2999 said:

Hi, i recently took out a loan to combine my husband and i's credit card debt. I closed the cards down so now our only outgoing apart from our car and household bills is the loan. We took the loan with Lendable as they offered us 6%apr where as our bank was charging 10% but i have now just read on another forum that they are classed as a pay day loan and seen someone comment that they had been turned down for a mortgage because lendable are classed as a high interest loan and it would need to have been paid off for 12 months before applying. Is this the case as we were hoping to apply for a mortgage next year.

If you want a mortgage they will check your credit score and calculate affordability ... so if that loan will be a problem they will tell you .. ask a broker they should know and advice you . Good luck 

[Deleted User]

I had the same concern with a case i did a few months back. I hadnt heard of Lendable and they show as a payday loan company online quite a few places so was unsure how it would go.   I ended up having no issues as the underwriter could see the payment terms and the scheduled showed it was clearly a conventional loan.  
Hopefully no issues on your side either .  

ang2999

Deleted_User said:

I had the same concern with a case i did a few months back. I hadnt heard of Lendable and they show as a payday loan company online quite a few places so was unsure how it would go.   I ended up having no issues as the underwriter could see the payment terms and the scheduled showed it was clearly a conventional loan.  
Hopefully no issues on your side either .  

Thank you for replying. I do believe that lendable do high interest loans for people with poorer credit but i have an excellent credit score and the interest rate they offered me was competitive along with the fact you can overpay at any time with no penalties and excellent reviews on trust pilot. Just need to keep my fingers crossed when the time comes.

FutureMortgageSeeker

If I may ask and not a problem if you cannot disclose, but which mortgage provider was willing to accept Lendable after review? I'm hoping to buy in a couple of years and would prefer this not to scupper my chances outright.

[Deleted User]

FutureMortgageSeeker said:

If I may ask and not a problem if you cannot disclose, but which mortgage provider was willing to accept Lendable after review? I'm hoping to buy in a couple of years and would prefer this not to scupper my chances outright.

I have a full offer from Halifax with lendable as a declared loan. To be fair I had no idea that they were regarded as pay day as I got a pretty good rate that was less than the more common providers were offering.
I do have to have it clear by completion as a condition of the mortgage which I have done 

Nervouslywaiting

We have had our mortgage approved with a lendable loan also. I had no idea they were classed as Pay day... I can't understand why as the terms are just like a normal loan and the rate I got was competitive! Our lender has not even questioned the loan at all. 

Wd85

I also had a mortgage approved last week. I paid off my PDL and didn’t realise Lendable was one!