I need to borrow money on my property but I have a track record of Pay Day loans
For a large section of society Pay Day loans are the norm however many mortgage providers shy away from lending particularly if a Pay Day loan or equivalent has been taken in the last 12 months – even if payments have been maintained in full.
So why the reluctance? Well rather than trouble themselves to determine the facts mortgage lenders lazily conclude it is a sign of financial distress rather than a lifestyle choice. For some reason the stigma is far more deep routed than overdrafts or credit cards as a method of making ends meet. The reality is the interest rate is probably higher and therefore it should serve as a greater testament that repayments have been met.
At Niche Advice we do not judge and take delight in helping all types of clients obtain mortgage whatever the back drop including those with multiple Pay day loans. To find out how we can help you please complete the Contact form on this website or call T: 020 7993 2044.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.