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Veteran6224

Getting a Mortgage with CCJ's.

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Hello all,

 

I am planning to go for a mortgage in the next 8-12 months with my partner

 

. Her credit score is excellent,

I have checked my reports and have just 2 debts remaining

 

one I have been paying off for a long time now

 

the other I haven’t acknowledged.

 

 Both defaults and both registered as CCJ’s

. one of the debts (the one I haven’t acknowledged) for £6,933 is with Moneybarn.

The default date is the 11/11/2013 am I correct in thinking that this will become SB next month? 

 

Also so is it worth me sending them a letter once the 11th November arrives asking them to remove it? 

 

Finally, to be mortgage ready should I pay off the remaining debt with the one I am servicing or would I be better putting that money into our deposit?

 

Thanks in advance for your support 

 

regards 

 

J

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Posted (edited)

What is the date the CCJ was issued?

 

This is very important, and will go a long way towards you understanding your mortgage options.

Edited by London1971

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Sorry should be clearer. 

 

The default will come off your CRA 6 years from date of default. CCJ will be removed 6 years from Dat of Judgement but is still oustanding. 

 

Mortgage Apps will fail with 2 CCJs.


**Fko-Filee**

Receptaculum Ignis

 

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6yrs..

Defaults or ccj's

paid or not ...paying or not ...will vanish on their 6th birthday.

doesnt mean a debt cannot be enforced though. Esp if you are already paying...


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Posted (edited)

Mortgages are possible even with 6 month old unpaid CCJ's, with a big enough deposit and crippling interest rates.  Age (and size) of CCJ affects your choice of mortgage more than whether it is satisfied or not.

 

In general once your latest CCJ is 2 years old your options increase.  My mortgage was obtained with 4  CCJ's between me and my wife, newest one at 2 years old. We needed a 15% deposit, our interest rate is 5%.

Edited by London1971

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Thank you for the replies. The CCJ’s are as follows:

 

moneybarn £6,911 case hear on 9th August 2014 it states 44 weeks until removal 

 

Amigo Loans £5,912 (£3,407 remaining) case heard 12th Jan 2016 - 2 years 14 weeks until removal.

 

@London1971 I certainly hope mortgages are still possible with my credit. I have cleared a lot of debt and have a credit card and overdraft facility totalling £6,850 with a balance of £0.00 I use the credit card regularly and pay it off in full to build my credit. We have a £35,000 deposit and decent household income with disposable each month. If it’s going to be a struggle then we may have to get the mortgage solely in my partners name. 

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retitled and moved to the mortgage forum


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

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The CAG Interest Tutorial Read Here

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4 hours ago, Veteran6224 said:

Thank you for the replies. The CCJ’s are as follows:

 

moneybarn £6,911 case hear on 9th August 2014 it states 44 weeks until removal 

 

Amigo Loans £5,912 (£3,407 remaining) case heard 12th Jan 2016 - 2 years 14 weeks until removal.

 

@London1971 I certainly hope mortgages are still possible with my credit. I have cleared a lot of debt and have a credit card and overdraft facility totalling £6,850 with a balance of £0.00 I use the credit card regularly and pay it off in full to build my credit. We have a £35,000 deposit and decent household income with disposable each month. If it’s going to be a struggle then we may have to get the mortgage solely in my partners name. 

 

Yup you should be able to get a mortgage, I was in the same situation as you last year, with exactly the same deposit as you also.  So your Money barn CCJ will no longer be visible on your credit file in 44 weeks and your Amigo Loans will be 5 years old next year.  

 

There is no question that you will get a mortgage, probably at a lower interest rate than me.  The only problem you might have is the size of the CCJ, might have an effect.  You need to find a good broker, that can make all the difference

 

In any case, worst case scenario, start off with a higher interest rate mortgage, aiming to remortgage in a couple of years. Anything is better than chucking it away in rent.

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