Where to live when you have a CCJ??

mariagti

Hi all,

OH and i have been saving for a house deposit and currently have £12,500 saved up. We were planning on saving as hard as possible to hopefully buy this year while prices are going down but....

We both did a free trial credit check on ourselves. We knew OH didnt have a good credit history as he was very stupid with money when he was younger missing payments etc. After looking at OH's history we found out he has a CCJ for £60 from the DVLA from 4 years ago....this doesnt come off his history now until Dec 2010. :mad:

So what to do now??? We are both 25 and still living at home with our parents desperate to move out. We checked out renting but all the agents do histroy checks and say to to even bother if you have a CCJ as we would properly get a 'no' and then lose the fee for them checking our history.

And ive been told high street banks also wont touch us with a pole...is this true? Do i have to find a special company thats charges huge interest?:(

robpw2

PRIVATE LL try gumtree .. most are a bit more forgiving but watch out for the cowboys

Premier_2

If you are looking for a mortgage, try a broker. Explain the problems upfront. Any decent broker will explain the options available to you as they will probably know the sources likely to approve you ... and on what basis.
They should have a good idea without even making an application, so no footprint left on your credit file.

Do you know anyone who would act as a financial guarantor for you? e.g. parents.
Such guarantor may be able to support any mortgage application (giving more favourable terms, or just acceptance in the first instance) or might be acceptable to support a rental application.

If you manage to keep up the payments, the guarantor is not contacted (after the initial application is done with). Also keep up the necessary payments and things will get easier with time, either by allowing you to move mortgage to a better product or moving rental property releasing the guarantors from their obligations.

robin_banks

Teh CCJ comes off in 2010, by which time you'll have saved more money and prices cheaper, I'd stick it out if you can.

RRWJ

You could do what I'm looking at doing and find somewhere that would let a property to you and waive your OH, that is, not put him on the agreement. That way they don't need to do a check on him, but if he breaks anything, it's your responsibility. And you'd need a guarantor probably.

Hope this helps.

Conrad

Firstly those credit check companies in my opinion can be misleading. Lenders in the first instance use thier own credit scoring software to get an initial decision in principle.

I've had people with adverse credit accepted on normal schemes, and at the same time some seemingly good cases are scored too low for an acceptance.
Credit history is but one part of credit scoring.

Overall lenders are looking for general stability as experience demonstrates the more transient and less stable you are in your habits and lifestyle, the more likely you are to get into general life difficulties and mortgage arrears.
Putting yourself as a smoker automatically deducts points (many studies have been made of reposessions, and a predisposition to smoking is a key indicator as it was found the majoirty of those repossessed happened to smoke).

In other words, give it a go.
Note that few brokers are truly independant, and to be honest it's not easy finding one that really does use all lenders. Often brokers have thier preferred contacts and they have not had the time nor inclanation to meet with small regional building societies, then register and so on.

Sometimes these small building socieities are better able to take a common sense Human view, whereas the monoliths such as Abbey or Halifax have a 'computer says no' model, where Humans are not empowered to take a common sense mature individual view.

So dont give up just yet. Present your best face as it were.

mariagti

Thanks everyone for your helpful advice.

I will get researching properly and find a mortgage adviser, i just feel embrassed that OH has such a bad history but i will indeed put my best face on and find out.

Thanks maria:)