Ccj

baggies1

hi folks,

just a quickie.

to cut a long story short my wife managed to get herself a CCJ recently after we have attemtped to resolve the matter previously (not entirely our fault). i may challange the CCJ but that is another matter.

basically in october 2009 my current overpriced deal with abbey runs out and i want to get us a good long term fixed deal.
we'll be looking for a mortgage for around £74k and i earn 30k plus.
My question is this, is the CCJ going harm any individual application i make on my own?
Rather than go to great lengths to get the CCJ for my wife removed I would rather remortgage under just my name. Can we rettain join ownership this way but with the mortgage payments in just my name?

is there anything i havent considered here?

any help great thanks.

beecher

You also have the option of seeing what Abbey will offer you, as they wouldn't credit check you again.

Conrad

You cannot retain joint ownership of the asset with only one person liable for the debt - the mortgage deed must match the property deed as only this arrangment would allow the lender to repossess if need be.

The ccj is likely to cause harm. Only a couple of lenders accept these now, and thier rates start from 5% variable for max 70% loan.

System

I might be wrong but if you stick with Abbey it won't matter, experts?

baggies1

Conrad wrote: »

You cannot retain joint ownership of the asset with only one person liable for the debt - the mortgage deed must match the property deed as only this arrangment would allow the lender to repossess if need be.

The ccj is likely to cause harm. Only a couple of lenders accept these now, and thier rates start from 5% variable for max 70% loan.

yes but i think the point im trying to make is will HER CCJ hurt any application i make on my own?

can you clarify

also if i dont challange the CCJ how long might it be a problem?

Conrad

baggies1 wrote: »

yes but i think the point im trying to make is will HER CCJ hurt any application i make on my own?

can you clarify

also if i dont challange the CCJ how long might it be a problem?

No, it will not hurt any sole applications by yourself, but it isn't all that simple. For example a sharp eyed underwriter may guess your only removing her from the mortgage and deeds so you can get a chepaer deal, but they MAY want proof she has moved out otherwise the principle of 'undue influence' can come into play - where a lender takes the view the person with bad credit will have a strong influence on the payments )or otherwise) of future debts.

So in a nutshell there is a chance you might get the mortgage and deeds in your own name (assuming income sufficient) as long as the underwriters dont have thier suspiscions arroused.

baggies1

Conrad wrote: »

No, it will not hurt any sole applications by yourself, but it isn't all that simple. For example a sharp eyed underwriter may guess your only removing her from the mortgage and deeds so you can get a chepaer deal, but they MAY want proof she has moved out otherwise the principle of 'undue influence' can come into play - where a lender takes the view the person with bad credit will have a strong influence on the payments )or otherwise) of future debts.

So in a nutshell there is a chance you might get the mortgage and deeds in your own name (assuming income sufficient) as long as the underwriters dont have thier suspiscions arroused.

why should they want proof she has moved out? why would it be necessary that i say that?
as i'm taking on the mortgage and i dont have a CCJ why should they care?

lost me on that one but i am curious..can you extrapolate further?

sammyjammy

If you have joint accounts or joint finances with your wife whatsoever then the CJ will affect you whether you apply alone or not, if the CCJ was taken out in the last mnoth you might want to consider repaying it in full if you can, it then will not appear on her credit report at all, I would imagine you could continue to query it.

happybroker

"financial association" with your wife, ie jount accounts including your existing mortgage, joint applications etc will have an affect on your score card unfortunately although you can disassociate yourselves through the credit reference agencies.

You would have to pay for a solcitor to transfer ownership of the property also.

Speaking to the Abbey would be a really good place to start as they won't need to perform a credit check if you are not borrowing any more money and if that is no good you would be well advised to seek professional help from some one who really knows their onions.

Trollfever

You would have to pay for a solcitor to transfer ownership of the property also.

Your solicitor will also be able to advise you about the implications of your wife's beneficial interest in the property.