Payday loans and getting a mortgage

[WiseOldSage]

Is it true that if you have payday loans that it will eventually affect getting a mortgage? I heard someone in the office say that you can't get a mortgage for two years?

[factor-fiction]

I don't see why it should make a difference provided you make the repayments on time

[Old_Geezer]

I have heard it claimed (on TV IIRC) that it is taken into account. If you need a payday loan then the state of your life must mean you are a higher risk of default. I'd suspect it wouldn't automatically bar you, but if they are only loaning out so much you wouldn't be highest priority and so may not get an offer.

[murraymints]

Pay day loans ..bad news...avoid...!!

[WiseOldSage]

My husband's ex wife has been ordered by the courts to take up the mortgage payments on the former marital home plus release him from the mortgage in six months by taking out her own (she then keeps the house). At the final hearing she produced updated bank statements with several of these type of payments on her account. She has already put the mortgage in arrears to the tune of ten months so my guess is that her "mortgage raising ability" is next to nil by now with this potential gem of information - just overheard this and am now making the assumption that her sorry backside will be back in court and (because of the default) the FMH will be sold (as the order states) - many thanks for the input

[Carlinalvin]

Find more information about payday loans, all information about online payday loans in UK etc...

[boxtops]

The OP is a long time ABer but the last two were adverts - whoosh and they've gone, well done Ed!

[PeterRadcliffe]

Maybe. Payday loans alone won't inherently prevent you from getting a mortgage. However, payday loans can indirectly affect your chances of qualifying for a mortgage, depending on your circumstances.