CCJ and defaults - have 50% deposit, any hope for us?

ollyfarrow

My partner and I are looking to buy our first house. We have a deposit of 125k and are looking buy a place of 250k, so we have a nice 50% deposit.

My credit history is fine but we have just received a credit report on my partner. We did the check as we were worried that her past credit might be adverse.

Firstly she has 2 defaults on her file, both have been settled, one in November 2004 and one in December 2006.

Secondly it says she has a CCJ from Jan 2005 for £340, it says that it hasn’t been satisfied. She didn’t know about the CCJ and has never seen any paper work from it. But due to her circumstances at the time it is very possible that one was issued against her.

However at the top of the credit report on the court page it says Summary: Number present n/a, previous 0.

Have we lost all hope of getting a joint mortgage?

ollyfarrow

any ideas guys?

Debussy

Hi. Best get some mortgage advice from bank, etc. Maybe you will have to take out mortgage in your own name and then get a legal document drawn up to include your partner. Banks should take you very seriously with a £125K deposit.

Simon_gloster

Hi

I'm afraid it will be very very difficult in you obtaining a high street mortgage. The scoring systems used will pick up the adverse and will decline. Even on 50% LTV it would still decline.

Adverse can sometimes slip through Abbeys fingers, but you need to get a broker to do it as the application needs to be perfected from the start.

I understand there are still a handfull of sub prime lenders trading and you would need to use a broker to access them.

ollyfarrow

On the Post Office Mortgage Website it says;

For last 3 years:

• no mortgage/rent/loan arrears
• maximum 2 consecutive missed payments on credit/store cards
• maximum 1 CCJ to £250, not in the last 12 months
• Communications/mail order arrears ignored unless scale/frequency is a cause for concern

Do you think they would let us through with our situation of 2 settled defaults and a ccj of £340 in Jan 2005?

la23hin

Hi i couldnt see you getting the post office dea,l but as long as you are both in full time employment i couldnt see you having a problem getting a mortgage, but your best bet wud be to speak to a broker, as if you keep applying with different mortgage lenders it will affect your credit score,try calling a company i used mortgagesolutions-uk.co.uk and if you mention you found them on mse they wont charge you a fee.

Rafter

Making a single application with a legal agreement to effectively give you joint ownership rights seems to be the way to go.

Get a 3 year morgage deal and then when 2012 comes round 6 years will be up since the CCJ and the arrears will have dropped off and you can transfer the property into joint names and get a joint mortgage.

R.

Batchy

Rafter wrote: »

Making a single application with a legal agreement to effectively give you joint ownership rights seems to be the way to go.

Get a 3 year morgage deal and then when 2012 comes round 6 years will be up since the CCJ and the arrears will have dropped off and you can transfer the property into joint names and get a joint mortgage.

R.

Just read on another thread, they can't have any legal rights on the property. But you can do this without a legal agreement giving joint ownership... just need a lot of trust... :-(