Accord mortgages following payday loans

Maybemaybe

Hi, wondering if anyone has any experience of an Accord mortgage following payday loans. These were paid off 4-5 years ago and other wise my credit file is absolutely fine. However we only have a 5% deposit. The first stage was approved (AIP) and now we are very nervously waiting for the underwriting. I’d love to hear some good news stories of others in similar situations.

Myci85

I can't give you any reassurance sorry, but feel we're in a very similar situation, so happy to anxiously await the mortgage result with you!

My other half had missed payments on his credit file from a loan he was guarantor for, marked as 4 missed payments for years, which he finally paid off, showing as satisfied mid 2020. We passed the AIP with Accord, our broker originally told us we would have to be on their 'cascade' product due to credit history, but the day after submitting full application, she confirmed we passed their credit checks on their normal rates. We are also applying for 95% LTV, and just for a bit more complexity, my other half is on a fixed term job contract. 

I think if you were going to fail on credit history, you would hopefully know by now? It was literally 24 hours before we were told we'd passed the credit checks. Application went in first thing 21st March, keeping everything crossed for it to go through now! Mortgage broker today said the underwriters have come back asking questions relating to my partner's employment, which she was able to answer from our documents, which I'm hoping means the credit side is done and dusted.

Maybemaybe

Keeping everything crossed for you. Would love to know how it works out for you 

Myci85

Thank you, likewise!

When did your full application go in?

Maybemaybe

Only a few days ago 🫣

Melis2024

I wouldn’t worry about it! I was in the same situation as you only 4x months ago & had 3x payday loan that was 4 years old. Application went through fine & now have a mortgage with accord. Also, with 95% LTV 🙏