I plan to see a broker but any advice in the meantime would be great.
myself and my husband applied for a mortgage (FTB) with natwest in ocotber 2012, we had a 10% deposit, have always banked with natwest with good accounts.
Both our credit reports are either excellent or very good.
We earn approx £65K a year between us, we have both been in stable employment for over ten years with the same employers.
Debt £2k on a natwest credit card which is currently interest free.
Anyway we applied and had an agreement in principle stragiht away, however when it went to underwriters it was declined due to the use of Pay Day loans
Naively I thought it would improve credit score (which actually it did!!) and so took out a payday loan 3 months in a row leading up to us applying, I only took it out for 2 days and oaid it striaght back.
I appealed the decision informing them of the above, also advising them we had access to savings/overdraft/creditcard at that time which they know as they hold all my accounts but chose PD loan for above reason.
appeal was turned down as they said a PD loan showed we could not manage our money
We would like to apply for a mortgage again, we now have a 15% deposit (looking in price range of £130k - 150K) so well within our affordability.
My concerns are
1)will being refused 3 months ago go against us
2) will the pay day loans taken out go against us?
3) what are our chances of getting a mortgage?
Any advice greatly appreciated
myself and my husband applied for a mortgage (FTB) with natwest in ocotber 2012, we had a 10% deposit, have always banked with natwest with good accounts.
Both our credit reports are either excellent or very good.
We earn approx £65K a year between us, we have both been in stable employment for over ten years with the same employers.
Debt £2k on a natwest credit card which is currently interest free.
Anyway we applied and had an agreement in principle stragiht away, however when it went to underwriters it was declined due to the use of Pay Day loans
Naively I thought it would improve credit score (which actually it did!!) and so took out a payday loan 3 months in a row leading up to us applying, I only took it out for 2 days and oaid it striaght back.
I appealed the decision informing them of the above, also advising them we had access to savings/overdraft/creditcard at that time which they know as they hold all my accounts but chose PD loan for above reason.
appeal was turned down as they said a PD loan showed we could not manage our money
We would like to apply for a mortgage again, we now have a 15% deposit (looking in price range of £130k - 150K) so well within our affordability.
My concerns are
1)will being refused 3 months ago go against us
2) will the pay day loans taken out go against us?
3) what are our chances of getting a mortgage?
Any advice greatly appreciated