mortgage with 43% deposit but with a ccj

gemma_sue

Hi this is my first post and any advice would be greatly appreciated.

I am currently looking to buy but am really only interested in being able to get one of the best deals.
The facts are as follows;
Looking to purchase a 130k house and have a 56k deposit
Earn 38k a year.
So far so good, but unfortunatley:
Have a settled ccj of £450 from October 2003 (settled February 2008). I realize this will fall off my credit file later this year.
There are also some missed mortgage payments from 2005.
This stuff is courtesy of my profligate/idiot of an ex-partner. That house has been sold and i am in the first time buyer category again.

I have found a lovely house which i would not want to lose the opportunity to buy so would rather not wait.

Any tips or advice would be fantastic. Thanks

wee_me_4

Contact your local bank. They can telephone there mortgage centre for advice before they even run a credit ref search to see if the CCJ or mortgage defaults will impact yopur ability to obtain credit.

gemma_sue

Thanks for that wee_me i will certainly do that.

I was wondering if anyone has been in the same boat as me and what their experiences may have been?

Would a notice of correction on my credit file have any effect on the decisions of potential lenders?

Or am i wasting my time and i should wait for the ccj to fall off my credit file in October?

Thanks, Gemma

magic_pants

gemma_sue wrote: »

Thanks for that wee_me i will certainly do that.

I was wondering if anyone has been in the same boat as me and what their experiences may have been?

Would a notice of correction on my credit file have any effect on the decisions of potential lenders?

Or am i wasting my time and i should wait for the ccj to fall off my credit file in October?

Thanks, Gemma

I'd wait until October personally. If you do get one now they may charge you additional interest on your rate.

gemma_sue

Thanks magic pants. I was hoping somebody would not say that but I suspect you are probably right.

By the way just how magic are your pants?

Any dissenting voices to Mr magic pants are most welcome.

Kisses, Gemma Sue

thriftymomma

I would definitely wait until your default falls off in four months as you may be able to secure a much better deal without it.

gemma_sue

Thankyou for your reply thriftymomma - I suspect your thriftyness is legendary. I also suspect you are bang on in what you say.

It would appear there will be no dissenting voices and a little wait may be in order.

I am still a bit curious about the benefits or otherwise of a notice of correction on my credit files though. The defaults were due to the activities of my ex and would a notice appease a lender in any way (especially if I went to the Nationwide where i have most of my 56k deposit stashed).

Any thoughts, suggestions or recommendations would be much appreciated.

Hugs, gemma sue

happybroker

print off your credit file and take it to a good whole of market broker. They will then lay8 out your options and you can then make a more informed decision regarding waiting or going for it now.

there are people that will lend and you may be able to get it through the highstreet but trawling all the different lenders yourself could be very time consuming and incurr quite a few searches which won't help your cause.
good luck