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Payday loan history
Murphy8819
Posts: 3 Newbie
hi all, have a history of payday loans, last one settled 3 and half years ago. no defaults ect. Mortgage dip received and valuation booked. Putting down a 15% deposit for170k house. Anyone able of offfer some reassurance?
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Comments
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Some lenders want "no pay day loans ever", but majority are "none in 12 months", with a smaller subset saying " no pay day loans in 2 years"
It's a really mixed bag1 -
@murphy8819 If you've passed a DIP, I can't think of any mainstream lenders that would have an issue with 3+ year old pdls on your credit report for an 85% LTV mortgage.Murphy8819 said:hi all, have a history of payday loans, last one settled 3 and half years ago. no defaults ect. Mortgage dip received and valuation booked. Putting down a 15% deposit for170k house. Anyone able of offfer some reassurance?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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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I think you will be fine.
It only really becomes an issue if it is not within criteria. With none in 3 years, its unlikely to be a problem.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 -
What lender?Murphy8819 said:hi all, have a history of payday loans, last one settled 3 and half years ago. no defaults ect. Mortgage dip received and valuation booked. Putting down a 15% deposit for170k house. Anyone able of offfer some reassurance?0 -
I think it all comes down to how you've repaid the payday loans. If you paid them back on time and only used them briefly then I can't see you having any issues here.0
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The reassurance helped with the nerves so thanks for this, offer issued todayACG said:I think you will be fine.
It only really becomes an issue if it is not within criteria. With none in 3 years, its unlikely to be a problem.
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NationwideTatters26 said:
What lender?Murphy8819 said:hi all, have a history of payday loans, last one settled 3 and half years ago. no defaults ect. Mortgage dip received and valuation booked. Putting down a 15% deposit for170k house. Anyone able of offfer some reassurance?0
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