What rate can we expect to pay - mortgage with CCJ

ollyfarrow

We have had an offer accepted of £242,500 on a house.

We have a deposit of £116,250 and therefore need a mortgage £126,250.

I earn £24k pa and my partner earns £12k pa.

My partner has a CCJ and two defaults. The CCJ is unsatisfied, even though she paid for it some time ago. We need to sort out some paperwork for it to be registered as satisfied, which we are doing at the moment. My credit score is very high.

On my wages alone I can borrow £108k, which leaves us £18k short. If the worst comes to the worst my mum said that she would lend me the £18k but I REALLY don’t want to do this unless it is our only choice.

What sort of CCJ mortgages are on offer for people like us? What sort of rate can I expect to pay?

If we do have to go on a higher rate because of the CCJ, after three or four years will we be able to remortgage under a better rate?

Lastly, if you were in our position, would you go to a broker or just approach a lender? The best 3 year fix at the moment is with RBS and Britannia. But is it worth going to see them, have we got any chance with my partners poor credit?


Any help would be greatly appreciated.

Thrugelmir

ollyfarrow wrote: »

We have had an offer accepted of £242,500 on a house.

We have a deposit of £116,250 and therefore need a mortgage £126,250.

I earn £24k pa and my partner earns £12k pa.

My partner has a CCJ and two defaults. The CCJ is unsatisfied, even though she paid for it some time ago. We need to sort out some paperwork for it to be registered as satisfied, which we are doing at the moment. My credit score is very high.

On my wages alone I can borrow £108k, which leaves us £18k short. If the worst comes to the worst my mum said that she would lend me the £18k but I REALLY don’t want to do this unless it is our only choice.

What sort of CCJ mortgages are on offer for people like us? What sort of rate can I expect to pay?

If we do have to go on a higher rate because of the CCJ, after three or four years will we be able to remortgage under a better rate?

Lastly, if you were in our position, would you go to a broker or just approach a lender? The best 3 year fix at the moment is with RBS and Britannia. But is it worth going to see them, have we got any chance with my partners poor credit?


Any help would be greatly appreciated.

Suggest you use a broker. As on your salary alone you are asking for a high multiple of salary and your partners credit record doesn't sound good.

LeeSouthEast

I suggest borrowing off your mum! Her repayment and APR will cost you considerably less than adding it to your mortgage!

bundubasher

platform home loans has been suggested to me by my mortgage adviser - apparently they ignore defaults and ccjs and seeing as you've got a good deposit, they should be able to help you. Only thing is that their deals are available through a broker and they have a number of brokers or companies that they offer their exclusive rates to. Log onto their website and see what it says. all th best

dippydog_2

Platform WILL do it but you are looking at 8%....

happybroker

if the ccj and defaults are over 3 years old Platofrm have some cracking rates on offer at around 3.79% variable or 4.99 fixed. 2 to 3 years old or less than £500 this goes up to over 6%. These are not available through all brokers however.

don't know where the 8% came from?

dippydog_2

It came from a mortgage offer we had from them.

They had a rate of 8% on the loan we wanted but maybe we were higher risk.

We were looking at a mortgage of 110k, deposit of 50k. 4 times our combined salaries and adverse credit history - defaulted on a couple of payments in 2006, no CCJs, all debts now paid off.