We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!

Pay Day Loans Effect on Getting a Mortgage

Options
Cymro22
Cymro22 Posts: 12 Forumite
Sixth Anniversary First Post
in Mortgages & endowments
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?

Comments

  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • Cymro22
    Cymro22 Posts: 12 Forumite
    Sixth Anniversary First Post
    Thanks, and now down to 8 PDL's :smile:
  • ACG
    ACG Posts: 24,559 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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 Adviser
    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.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture