Mortgage after payday loans- A perfect guide

 

As there are various types of mortgages, so do the lenders. If you want a specific kind of mortgage on the market, there will be a lender that meets your needs. Are you thinking of getting a mortgage after doing payday loans and want some information on it?

If so, you have clicked on the right article, as we at mortgage key will tell you how to get a mortgage after doing payday loans. Those seeking a mortgage after payday must meet specific criteria, just like those seeking other types of loans. You may have heard that getting a mortgage after payday loans is not easy. This is true in some cases but not in all.

How to get a mortgage after payday loans

It is possible to obtain a mortgage after taking out payday loans, but it won’t be easy, and you will not get the same criteria as those who have not taken out payday loans. It will be challenging to obtain a mortgage from a high-street lender because they have very strict assessment criteria and typically only consider borrowers with a solid financial record and credit score. Furthermore, some lenders will decline your request simply because you have used payday loans in the past, even if it was 5 to 6 years ago.

To get a mortgage after payday loans, first, you need to consult a mortgage advisor who will help you find a lender that gives mortgages to customers after they use payday loans. They will collect certain information from you, like your record for payday loans—when was your most recent payday loan?—if you’ve had credit problems in the past, the loan value of your mortgage, your credit report, your debts, your financial history, and so on. After assessing your credit report and requirements, they will tell you about a specific lender who will give you a mortgage after payday loans and the necessary information you need to qualify for a mortgage.

Still, many lenders will disqualify you, claiming that getting a mortgage will be too expensive because you use payday loans and have never borrowed large amounts. However, don’t let your morals sink just because of this. A mortgage advisor at MortagageKey will help you find a mortgage lender who will offer you a mortgage at reasonable interest rates.

We hope this article helped you with your concern.

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