CCJ Mortgage

[jonnytub]

Hi everyone, it's been a while since I was last here (claiming bank charges) and I'm in a much better state credit wise thanks to you people.

 

I think the best way to see my problem (unable to get a mortgage) is to desbribe the lead up to it.

 

 

Essentially my wife and I were in around £6000 debt which we were paying through an IVA until 4 months ago.

 

 

We were able to clear the debt in total thanks to our parents which has enabled us to be completely debt free.

 

 

The problem arises with a CCJ we were unable to pay in full before the 30 days were up for £1600. The debt has now been paid but obviously the CCJ is now on my wifes credit file.

 

This CCJ is now a massive obstable in obtaining any kind of mortgage and advice from Countrywide was a point blank no.

 

 

I realise that the CCJ and previous credit problems would be a hurdle for us but we've been steady for a while now and hoped that would reflect in a decision for a mortgage.

 

We have around £18,000 as a deposit.

My wifes wage pays all our bills and shopping, living expenses etc which is around £16,000 per year. My wage (around £12000) goes straight into a savings account.

 

 

In total we have around £38,000 a year coming in (including tax/child credits) with very little going out.

 

 

We hope to get a mortgage for around £130k

We've never been in such a good position cash wise and hope that we could find more realistic advice from you guys.

 

So has anyone secured a mortgage with a CCJ recently?

 

I should add we are first time buyers

[Ubiquitious]

This is a difficult ask as lenders at the moment are very strict.

 

You may require a deposit in the 30 - 40% range to be accepted and even then it will be at a high rate of interest. How old is the CCJ?

[Lea_HTH]

Whatever you do, if you cannot obtain a mortgage from a high street lender do NOT, under ANY circumstances, take yourself off to a broker and/or obtain a mortgage from a sub-prime lender.

 

More than half of the threads you will read on this forum relating to repossession will be due to sub-prime lenders. Avoid them at all costs.

 

If it means you and your family are living in rented accommodation for a bit longer, then do that and continue to save. The larger deposit you have, the more security there is in the property for the mortgage lender and the more likely you are to receive a mortgage - even with a CCJ.

 

Has your wife had the CCJ marked as satisfied on her credit listing?

[jonnytub]

The ccj is from last year. Paid in full but not marked as satisfied. There is a small chance we could raise the deposit to £62000.

[Lea_HTH]

The ccj is from last year. Paid in full but not marked as satisfied. There is a small chance we could raise the deposit to £62000.

 

Your wife needs to contact the creditor and ask them to mark her credit file as satisfied - that should make some difference to your credit rating. Don't forget that people are not black listed - having an unsatisfied CCJ on your rating will inevitably cause your credit rating to be lower than it would be if the CCJ is marked as satisfied. It won't drop off your credit report either way for another five years.

[jonnytub]

Thanks for the posts guys and sorry for the delay inbetween responses (work commitments).

 

I've written to the company and requested that the ccj be marked as satisfied. The deposit increase is a no no so it remains at £18000. We were getting deperate for a moment there and almost fell into the trap of a sub prime lender however came to our senses when we read through a few posts here on this forum along with the high repayments and shabby customer care, etc. It would appear that we'll just have to hold on for 4 years which is a shame as we loved the house.

 

Thanks for the comments.

 

john

[kkkoyes]

Hi John

 

This is a few years now wonder how you got on?

 

 

Just in case anybody else is looking on the forum on this matter now its 2016

and i can assure there are plenty of lenders that will lend to people with CCJ's

and you do not need to even go to subprime.

 

 

just be sure to check the reviews and compare the fees and interest rates.

You can even get it for low as 10% deposit!

 

I have a CCJ myself from 2012 so i know the feeling.

But based on my research some of these links may prove useful:

 

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In terms of possible lenders check these:

 

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Do not pay anything upfront and do your own due diligence.

 

BUT Before all of them though i suggest you enquire with

 

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Good luck

Edited June 24, 2016 by dx100uk
sri cant allow the links - dx