Depends who your eventual lender is, halifax is said ti be 'sympathetic' to payday loans....many lenders aren't.
I think the halifax and Woolwich are still most flexible with post iva lending with a prime loan.
O/D and Cc are more better for emergencies. Pay day loans solves a temporary fix but creates a long term problem.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by TzeKin
Depends who your eventual lender is, halifax is said ti be 'sympathetic' to payday loans....many lenders aren't.
I think the halifax and Woolwich are still most flexible with post iva lending with a prime loan.
O/D and Cc are more better for emergencies. Pay day loans solves a temporary fix but creates a long term problem.
Thank TzeKin,
Our lender is Precise Mortgages who I am advised are more geared to lend to people with some adverse credit history.
I agree CC and Overdraft are better however we never took these out to fill a gap and was more to improve our credit rating which we know now it does the total opposite in lenders eyes.
It will be nearly 3 months in a couple of weeks since we took the last one so hopefully that will go in our favour
When are you likely to get confirmation of the offer? We have submitted everything now to the underwriting team! I am sure they will probably say no though!!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins
When are you likely to get confirmation of the offer? We have submitted everything now to the underwriting team! I am sure they will probably say no though!!
We are just waiting for the application form to be delivered to us which should be this week and will then be checking it and sending back to be submitted and Broker reckons should be either end of this week or start of next.
I have resigned myself to getting a no which is not good but I do feel this time m broker has done everything he can and the lender is considering our affordability more than the high street lenders so nothing more we can do.
I am just hoping the fact it works out we have around £1400 disposable income every month and are taking on a mortgage around half that it outweighs the stupid recent paydays taken out which I stupidly thought would increase my credit rating. And also the fact we have 15% deposit.
Or if it is a problem on the current deal they are offering maybe a higher rate or an increased deposit may re-assure them
Slight update now is we have been delayed a bit. I noticed that if we applied now my last Payday would be on the 1st months statement in February. So I spoke to my broker to ask if we waited until the end of May and then the 3 months would start from March meaning 3 months clear of any paydays would this look a lot better and he advised it could do and worth doing if I could.
So I spoke to our new build development and advised we likely cannot complete by the 19th May and looking more like 2nd week in June which they accepted.
SO I am hoping this puts us in a much better shape
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
We are at a similar stage with our application through equity. I can't fault my broker at all so far, he seems very thorough. We have had an initial acceptance and credit search. He hopes our forms will be ready for us to sign next week. Does anyone know if we are likely to be accepted, as long as we have been telling the truth (which we have!)
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by blobby
We are at a similar stage with our application through equity. I can't fault my broker at all so far, he seems very thorough. We have had an initial acceptance and credit search. He hopes our forms will be ready for us to sign next week. Does anyone know if we are likely to be accepted, as long as we have been telling the truth (which we have!)
As far as I know everything should be fine as long as you have told them everything upfront before the initial acceptance.
However as I always say from lots of advice given nothing is certain until you exchange those contracts.
So it seems to have been a long time and does not seem we have moved very far.
As it stands we have had our Mortgage Application submitted last week finally and everything came back as fine however the lender asked for bank statements a further 3 months previous to the 3 months we already gave. This is because they want to see the statements where we got Paydays and to show that we were not reliant on them.
As I know we only got them to improve credit rating this was fine however we did use the paydays socially as we knew we could pay them back. Our account shows we got each payday when our bank balance was fine and there was never any bills coming out afterwards meaning we were getting it to pay a bill. However I am now worried they will take it that we used the payday and therefore were reliant on them.
Since February we have not had a payday after learning they were no good on credit rating so 4 month without one to price we don;t need them but not sure this will be enough.
After sending in some more bank statements for June and also from December to February and waiting a week the broker has advised us the Lender is sending a Valuer out and Miller homes have informed us they have been contacted by the Lender regarding this.
So it looks like we have finally made good progress on jumping the hurdle of our personal situation and all that is hopefully left now is the checks on the house and processing some more paperwork
