Award-Winning Bad Credit Specialist · FCA No. 301173
Mortgage With Payday Loan History Yes It Is Still Possible
Many lenders will not accept applicants who have used payday loans even if fully repaid. But specialist lenders take a different view. Darryl knows exactly which lenders to approach.
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Award-Winning
90+ Lenders
FCA No. 301173
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Why Payday Loans Affect Mortgage Applications
Payday loans are treated very differently from other types of credit by mortgage lenders. Many mainstream lenders and even some specialist lenders automatically decline anyone who has used a payday loan in the last 12-24 months regardless of whether it was repaid on time.
However there are specialist lenders who take a more nuanced view particularly if the payday loan was used some time ago and your finances have since stabilised. Darryl Dhoffer knows exactly which lenders these are.
Darryl Dhoffer — The Mortgage Geezer
20+ years in mortgages. Award-winning specialist. Featured in the Daily Express, FT Adviser and The Intermediary. I have helped hundreds of people across the UK who were told no by their bank — and I work with 90+ lenders including specialist adverse credit lenders you will not find on comparison sites.
When you contact me, you speak to me directly. No call centres. No being passed around. I personally review every case and respond within 2 hours.
CeMAPCeRERFCA 301173AWARD WINNINGINDEPENDENTWHOLE OF MARKET
Frequently Asked Questions
Can I get a mortgage if I have had a payday loan? ›
Yes but it depends on when the payday loan was taken and your overall financial picture. Many mainstream lenders decline automatically for payday loan use in the last 12-24 months. Specialist lenders are more flexible particularly for payday loans taken 12+ months ago. Darryl knows which lenders accept payday loan history and what their specific criteria are.
How long after a payday loan can I get a mortgage? ›
Generally the longer ago the payday loan the better. Some specialist lenders will consider applications where the last payday loan was 6 months ago; others require 12-24 months. The key is the overall pattern. A single payday loan from 18 months ago is very different from repeated recent payday loan use. Darryl will advise on the best timing for your application.
Do I need to declare payday loans on a mortgage application? ›
Yes. Mortgage applications require full disclosure of credit commitments. Payday loans appear on your credit file and lenders can see them. Being less than fully transparent can result in your mortgage being withdrawn even after offer stage. Darryl will help you understand exactly how your payday loan history will be viewed.
Will a repaid payday loan still affect my mortgage application? ›
Yes. Even fully repaid payday loans appear on your credit file for 6 years and many lenders still treat them negatively. However a repaid payday loan from 2+ years ago is viewed far more favourably than a recent one. Darryl will identify the lenders who take the most positive view of your specific situation.
What can I do to improve my chances with payday loan history? ›
Key steps include waiting at least 12 months since your last payday loan ensuring it was repaid on time saving a larger deposit of 15% or more and working with a specialist broker like Darryl Dhoffer who knows exactly which lenders accept payday loan history and how to present your case.
Get Your Free Assessment Today
No credit search. No obligation. Darryl personally reviews every enquiry and responds within 2 hours.
01234 237321
darryl@themortgagegeezer.co.uk
FCA No. 301173
43 Five-Star Reviews
The Mortgage Geezer is a trading style of Access Financial Services Limited, authorised and regulated by the FCA No. 301173. Your home may be repossessed if you do not keep up repayments on a mortgage.
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