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Pay Day Loans Effect on Getting a Mortgage
Cymro22
Posts: 12 Forumite
Good Morning, I would welcome any thoughts on my chances of getting a mortgage. I am 57 years old with a deposit available of around £35000. Salary is £43000, and currently paying rent comfortably at £700 a month. The downside is I have around 15 payday loans on my credit file from 4 years ago, how much of a problem will these be?
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Very little for most lenders.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.1
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Thanks, and now down to 8 PDL's
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4 year old PDLs will not be a problem other than for the odd lender.
If you picked a lender at random you would be very unlucky to get turned down because of the PDL - although best to check before doing any credit checks just to be safe.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.1
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