Vida mortgage with payday loan in last 12 months

welly_59

Hello, looking for some advice regarding Vida eligibility with payday loans in the last 12 months.
Their criteria states that accepted but can't be seen to be reliant on them. Can anyone comment on what that means in practise.

I think I've been a bit of an idiot and made things harder for myself than needs be.

I have a handful of low value defaults, all paid, which are just over 3 years old - going through a divorce at the time and my priorities weren't where they should have been.
Apart from those I took out a few payday loans which were paid about 9 months ago. Definitely wasn't reliant on them, more a case of I was so focused on saving that if I wanted something and I had no budget after saving I would take a loan to spread it over 2 paydays. Dumb I know.

Salary is £90k, looking to borrow £110k

ACG

I think you will be fine. I am taking what you have said as gospel, I do not know vida' criteria on that front off the top of my head. 

Not reliant is open to interpretation. But if an underwriter declined your application, I would argue that you have clearly broker the cycle after 9 months. In addition you only want just over 1x your salary, you are about as good a risk by the sounds of it as they will get. 

Depending on the LTV etc, are there any other issues? You may not need a specialist lender. 

welly_59

Thanks for the reply. No other adverse apart from the 3 yr old defaults. There are late payments just over 3 years old from around the same time as the defaults.

All credit cards at zero balance, with one personal loan with £4k outstanding.

LTV is a good question. I have enough for 80% LTV, but ideally I would want to borrow at 85-90% to leave funds for improvements.

My main issue with high Street applications is the payday loans being less than 2 years old.

I have used websites such as mortgage gym and it's come back with a big fat no 

ACG

Speak to a broker. Mortgage Gym will be looking at high street lenders and specialist lenders. 
I reckon (I could be wrong) that you could be looking at building societies.