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Mortgage providers don’t like payday loans as they suggest an inability to manage finances.
A live payday loan will result in some lenders immediately rejecting your application, no matter how small it is.
Certain lenders will consider payday loans, but the acceptable criteria around them will vary widely.
Rates will be higher, and the maximum loan to value offered will likely be lower.
A smaller mortgage means a bigger deposit.
Let me save your time and source which lenders may consider you.
Debt to income will be considered, so ideally try to keep loans under 10% of your income.
Explore all possible alternatives 1st, overdrafts, personal loans or even family and friends.
If you do have a payday loan, always service it and avoid defaulting at all costs.
Payday loans stay on your credit file for six years.
Approval chances will increase after 2 years.
Citizens Advice bureau will always offer some free advice on debt management. Debt helpline: 0800 240 4420
If you want to discuss your credit history and the chances of achieving a mortgage, get in touch.
Click the ‘Book an Appointment’ button at the top of the page to get the ball rolling.
Clarity Wealth Management LLP is authorised and regulated by the Financial Conduct Authority. No: 575252
Registered in England and Wales as a limited liability partnership. No: 0C371189
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.