Settled PDL's will this affect mortgage?

A question about : Settled PDL's will this affect mortgage?

Hi All, here is my situation:

Currently have a mortgage on a property but looking to sell to be able to buy with my partner.

I have a deposit of Ј25k and no debt and my partner has a deposit of Ј40k and hope to buy a property with 20-25% deposit.

Combined income of Ј58k

The issue I am worried about is last year I used 2 payday loans and was not aware of the consequences. I paid them off in full and are now over 12 months settled. Will this affect my chances?

Thanks so much

Best answers:

• No. I have just applied for a mortgage and i had over 24 payday loans. All paid off on time. Havent had one for 3 years though. But lenders dont like them if there under a year old. You should be fine. There is a couple of lenders that decline if they see a payday loan on file. But speak to a mortgage broker, he will no what lender to go to.
• Thanks for your help - fingers crossed the lenders will look at the other positives rather than my stupidity a year or so ago!
• Lenders do not like payday loans. They are indication of problems in finances. However, it is not an automatic decline. They are a negative to your overall scenario. Your situation will have a number of positives and negatives.
  The more recent the payday loan, the larger the impact.
• Oh I see. Well previously I had Ј10k worth of debt and I ended up having to use the loan. I have never had any defaults or late payments. However, I have now fully cleared all debt and am worried these two PDLs will stop me getting a mortgage