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Can I get a mortgage with a bad credit rating?


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can anyone tell me, about ccj's ? ive got 3 and i want to go back and satisfy them for a mortgage application.

 

Firstly : Is it beneficial to me to satisfy them? as they are 3 yrs old, so on my credit file if i satisfied them , say tomorrow, is it still going to show up as satisfied for the next 6 years? or will they just show for the remaining 3 years?

 

I ask because i was told that it doesnt matter if they are satisfied or not, they are both detrimental to you're credit file.

 

Any help would be greatly appreciated ! xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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can anyone tell me, about ccj's ? ive got 3 and i want to go back and satisfy them for a mortgage application.

 

Firstly : Is it beneficial to me to satisfy them? as they are 3 yrs old, so on my credit file if i satisfied them , say tomorrow, is it still going to show up as satisfied for the next 6 years? or will they just show for the remaining 3 years?

 

I ask because i was told that it doesnt matter if they are satisfied or not, they are both detrimental to you're credit file.

 

Any help would be greatly appreciated ! xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

The CCJ will only show for 6 years and if you satisfy them they will be marked as such for the next 3 years until they 'drop' off. It's better to have a satisfied CCJ but realistically I can't see what difference it would make as your rating would be shot either way when applying for a mortgage in the current climate.

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I would never take out another mortgage. The stress/costs just aren't worth it in the long term to gain a few bits of bricks and mortar. Purely my opinion of course based on the facts that you are out on your own once you commit to be being a homeowner. Debts can be secured and you get jack help if you fall on hard times other than your own insurance which is limited and can take a while to kick in.

 

If you had trouble dealing with your finances in the past then don't take on a mortgage and think twice before making a joint application.

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  • 2 weeks later...
I have over £70k in defaults and have just had two mortgage offers at near prime levels from brokers advertising in Exchange and Tart. I am not in a debt management plan and am not paying anyone anything.

 

Please send me some details for this company, please, and thank you. :)

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We are trying to remortage also. Their is not much choice at all if you have past credit problems................ The government will have to come up with something as in years to come more and more people will have a tarnished credit file ............... so where do they go for a mortgage. Nearly all subprime have closed their books..............

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  • 2 years later...

I originally created this post back in 2007 - noodle (who had the details) hasn't used this thread since 2008, and I don't have them anymore. Whatever information there was would be of no use whatsoever now though, as the financial world has certainly changed LOTS since 2007.

 

Quick update though, I never applied for the mortgage. My husband (then boyfriend) had a mortgage on his own house, I moved in with him and now we are waiting for the upturn (however many years that will take !) of the market before we even consider selling the house and applying for a new mortgage. The 25% deposit situation doesn't help, nor does the uncertainty on the house prices.

 

So for us it is a waiting game. We like our house though, and financially are both fine so basically just waiting to upgrade houses when the time is right.

 

To all of you requesting information, the only thing I can think is for you to approach a reputable mortgage broker or a financial advisor. We have a financial advisor who could tap into mortgages that aren't advertised so readily, again this was a few years back.

 

Hope you all find the solutions you are searching for.

 

Joanne

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Hi, this is the first time I've used CAG and not sure if this is the correct procedure but I'm after some help with getting a mortgage. I have a bad credit history but my partner doesn't. I receive disability benefits and my partner is self employed. We have 10% to use as a depost. We want to buy my Dads house which we currently rent. To add insult to injury, I am also under a debt management company which ends in 17 months but could if need be clear my debts if it will help. Any advice would be much appreciated.

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  • 2 months later...

Hi can someone please message me too. Am in a very frustrating position. Am a single mum and have been living in the same 3 bed house since May 2000. I had excellent credit back then...I am self=employed and earn a decent living now but am on a debt plan with credit cards and its like the never never. I have loads of equity in my home and dont want to upgrade but move further out and either downgrade or get the same equivalent mortgate. Halifax of course said no as my credit is very poor because of the DMP. I am at my wits end as even if I rented (which I dont want to do) I would still need to pass a credit check! Does anyone know any good brokers or mortgage companies in 2013 that could help please? would be truly grateful. thanks

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  • 4 weeks later...

Hi noodle, can you pm me the detail too please, and has anyone had any luck in using these details, me and my partner are looking to buy our rented home but both have bad credit but we both work an are on a debt management also , many thanks

Matt:-D

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  • 4 months later...
Hi, I would be grateful if you could pm me the details if they're still available! :-) thanks in advance :-)

 

Hello there.

 

Sending information by PM isn't encouraged here, there's usually no need for it. If you have questions about your own problems please start a thread and we'll do our best to help you. :)

 

My best, HB

Illegitimi non carborundum

 

 

 

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