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Leading advisors for mortgages with payday loans.

Worried about your payday loans and the impact they might have on getting a mortgage? Our expert low credit mortgage advisors are here to support your journey and find the right mortgage lender for you even if you have used payday loans.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Finding The Best Mortgage With Payday Loans Deal For Your Circumstances

Payday loans may be the reason the bank has said no to your mortgage application. Whilst it’s best to keep up to date with outstanding payments, budget carefully, and pay off loans on time, sometimes things get in the way.

Our trusted mortgage advisors know that real life happens, and are here to show you that mortgage acceptance even with payday loans is possible. We have access to lenders who will still consider applications from those with payday loans. Whether your payday loan was long ago or more recent, we will take the time to understand your situation and guide you through the mortgage application process.

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Here to show you the way.

Getting mortgages after payday loans can be difficult. Maybe it’s your first time applying; maybe you’ve already been declined by high-street lenders for loans in the past. Whatever your circumstances, we’re here to help.

Whether remortgaging or purchasing a home for the first time, you may fear your recent payday loans will get in the way of your home-owning plans. Don’t worry; there are options open to you.

Our low-credit mortgage advisors can help support your journey and prepare you with the tools and information you need to succeed in spite of payday loan usage or your overall credit history. We’re on a mission to find your yes from mortgage lenders, even when the bank has said no.

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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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Check your credit file.

In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

Can I get a mortgage with payday loans?

Yes. Whether you have used payday loans many years ago or have an extensive history of payday loans, mortgage success is still within reach. Payday loans impact mortgage applications indirectly and usually cause difficulties when lenders conduct detailed financial checks as they can be viewed somewhat as a red flag.

Normally taken out to tide someone over between paychecks (hence the name), using payday loans may imply an inability to budget and manage money responsibly. Whilst this can limit the mortgage deals you are eligible for, many specialist lenders are happy to accept borrowers with more complicated credit histories. Our team of specialist mortgage advisors can reveal the options suitable for your circumstances, and guide you through the process.

Will payday loans appear on my credit report?

Payday loans will not appear on your credit report unless you fail to pay them back on time or default. In these cases, your credit score will be negatively affected and the number of mortgage options available will inevitably decrease.

If you keep up with repayments, your credit score itself shouldn’t be affected. Using a payday loan can still impact mortgage applications, however, if lenders uncover them in your bank statements during detailed financial checks. This is especially the case if you are currently using payday loans frequently and rolling them over as this indicates to potential lenders that you are struggling to manage your existing commitments.

Turning Your Nightmares Into Dreams

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

How far back do mortgage lenders look for payday loans?

Mortgage lenders typically assess the last 6 years when deciding on getting a mortgage. Any payday loans taken out during this time can have an impact on your chances of mortgage success, however, this is not the case with all lenders.

Some lenders dislike payday loans entirely, while others will only require one year to have passed since your last payday loan. As a general rule, the longer ago you borrowed from the payday loan lender the better, and the more payday mortgage deals you will be eligible for. But, even with recent payday borrowing, it isn’t the end of the road for your mortgage application and homeowning dreams.

Do payday loans affect my ability to get a mortgage?

Payday loans affect mortgage applications, but only indirectly. A payday loan won’t be listed on your credit report unless you have missed payments or made late payments. However, mortgage applications usually involve an assessment of bank statements, and this is when mortgage lenders may uncover your payday loan history.

A mortgage lender may be cautious of lending to someone who has recently taken out a payday loan because it suggests they rely on short-term finance to cover their month-to-month expenses. With mortgage repayments taking a further toll on your finances, many will begin to question your affordability. Whilst this will limit the options available to you, getting a mortgage after payday loans is not out of the question by any means.

Frequently Asked Questions

How long will a payday loan stay on my credit report?

Information on your credit file will stay there for up to 6 years, after which it will be removed. If you have made late payments or defaulted on your payday loan, this will be noted down and visible to any lender for that period.

This doesn’t necessarily mean you cannot get a mortgage during this time, but it may reduce the number of mortgage details available. Our bad credit mortgage advisors will take into account your payday loan history and help you search for the best deal from the mortgage lenders who may be willing to lend to you.

If you’ve previously been declined for a mortgage after a payday loan, don’t despair. Many people are declined and then go on to secure a mortgage.

Some high street lenders may point-blank refuse a mortgage application if payday loans have been involved somewhere in your credit history. Others used automated programs to assess applications which may not allow them to gather the full picture before making a decision.
This is why you need to speak with specialist mortgage brokers who can help you place your application before a lender who is best suited to your financial circumstances.

When looking to take out new finance, it is always a good idea to repay any debts – including payday loans. Having outstanding debts may make the lender question your affordability, and suggest you have issues managing money and rely on revolving credit to cover bills. Despite this, we have helped numerous clients find the right product for them even if they have been previously declined for mortgages after payday loans.

Payday loans certainly count as adverse marks on your mortgage application, however, they do not necessarily mean you have a bad credit score necessarily, as long as you have kept up with repayments. When an underwriter considers your application, they are looking at your ability to pay back the money.

With payday loans designed to support cash flow between paychecks, this would certainly make them question your ability to budget. So, whilst a payday loan doesn’t necessarily mean you have bad credit, it can still complicate the process, especially with mainstream lenders. If you’re concerned about your application, our expert advisors are here to dispel your fears.

Applications without adverse credit are certainly going to be looked at more favourably. If you can wait before applying for a mortgage, then doing so may improve your chances and increase the number of deals open to you.

However, if the payday loan was taken out recently and you don’t want to wait 6 years, it is still possible to get a mortgage. Sometimes, life is too short to wait! If you’re eager to get on the property ladder, our team of mortgage advisors can help. We’ve guided many people with a history of short-term loans towards the right lender for them despite what may be on their credit file.

You could still be approved even if your loan went into default. There are lenders out there who specialise in bad credit mortgages. The number of lenders willing to consider you may decrease, and you may be required to put down a higher deposit.

The majority of lenders will usually require a deposit of at least 10%, maybe more if you’ve previously defaulted, though it’s not impossible to get a mortgage with some specialist lenders with a 5% deposit, even after previous borrowing from payday lenders.

You also may be charged a higher interest rate and fees because you will be seen as a high-risk borrower. Despite being a complication in the mortgage process, a payday loan is not the end of the story. If you’re concerned, our expert advisors will assess your credit report, understand your circumstances, and explain what the options are.

Yes, as with any adverse credit, the older the better. The more time that has passed since your last payday loan, the more likely mortgage providers will be able to look past it. This is because they will see this historic borrowing as less indicative of your current money habits and view you as more likely to meet your mortgage payments – time really is a healer!

If the payday loan account is over 3 years old, for example, you will be eligible for significantly more deals than if it is more recent. In fact, many lenders will want to see 12 months clear of bad credit before considering you. If in doubt about your credit history, our specialist advisors are here to help.

Mortgage providers will approach a remortgage much like they would a standard mortgage application. Previous payday loans could impact your chances of remortgaging, leading to more limited options and higher interest rates.

One payday loan that has long since been paid off will likely have no impact, whereas a more recent payday loan could negatively impact your application. A mortgage broker will scour the market to find you a better remortgage deal with more suitable lenders for someone whose payday loans or poor credit rating are affecting the willingness of mortgage providers to lend to them.

Professional advice for low credit mortgages with payday loans.

Certain events in people’s lives can result in them relying on payday loans to cover expenses. There are many mortgage lenders out there who may automatically decline payday loan applicants because they do not meet specific lending criteria. However, there are also many lenders out there who actively specialise in bad credit mortgageseven those with a history of payday loans.

Our specialist mortgage broker team of friendly advisors has been trusted by applicants all over the UK to find their mortgage, even with payday loans in their credit history. We’ve been successful in achieving approval for people in a range of situations through our in-depth knowledge of the market and commitment to dispelling client fears. With us, the property ladder is within reach.

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