Mortgages with a history of payday loans

Charlieengland9
Charlieengland9 Posts: 5 Forumite
First Anniversary
in Mortgages & endowments
I am hoping to apply for a mortgage this year. The last couple of years I have been very good with my credit paying it off on time and my credit score is now 999 (highest possible score through Experian)

However in the past I was very bad with payday loans using multiple companies very frequently and was very irresponsible with them. I have not used one for over 2 years now and built up my report since then which is now great.

I worry these payday loans in the past would affect me getting a mortgage.

I would love to hear of people who have been in a similar situation in the past and maybe have been accepted for a mortgage.

There are No defaults on my report and the lenders were all paid back in full

Comments

  • ACG
    ACG Posts: 23,720 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    You should be fine in the main.
    There are a few lenders who will decline you outright but you should still have normal rates available to you.

    You either need to check with the lenders upfront what their criteria is with pay day loans or speak to a broker to take the case on on your behalf.
    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.
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