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What counts as PDL to lenders
isitlovely123
Posts: 3 Newbie
Hi folks
Applying for a mortgage with Skipton, who don’t take anyone with a Payday Loan in the last two years.
Applying for a mortgage with Skipton, who don’t take anyone with a Payday Loan in the last two years.
But a lot of back and forth online as to what classes as a PDL to lenders - products like Drafty, Finio, Pave etc…
Any informed thoughts/experiences welcome.
Any informed thoughts/experiences welcome.
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Comments
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It varies from lender to lender. Some say anything above x% (which could be 50%, 100%, 150% for exampe), others just look at it in the truest sense - ie a 1 month loan, others say any short term loan (maybe less than 6 months).
It does not say on the skipton website, if you are using a broker they would check for you. If you are doing it direct, you need to call them. The skipton staff are pretty good and I find you get through fairly quickly.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 does your credit file say above the entry. IIRC it's "advance against income" or something like that for PDL activity.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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I use checkmyfile (know Skipton use Experian) - Drafty classed as credit card, Finio as loan & pave as ‘other’.0
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For anyone searching out the same (as I couldn’t find a clear answer anywhere), pleased to say it went through okay, mortgage application approved & none counted as PDLs.1
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Thats great. What lender was it with?0
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