Will we ever get a mortgage?

KatieY

Hi there,

Would love to get some thoughts on the probability of my partner and I getting a mortgage.

My partner got into a bit of a financial mess three years ago and owed £30k. He missed tons of payments and ended up with 3 CCJs. He's since payed all the debt off but obviously the CCJs remain with him for six years.

We'd really like to buy a home but I just can't see him getting a mortgage. Both of us are debt free. He earns £35k and I earn £31k. We don't have a huge deposit - around 30k.

Are there any companies still loaning to high-risk clients?

Or is our only option for me to get a mortgage by myself and get a much smaller home?

Thanks for any help/advice.

Katie

Mrs_Bumble

I am guessing that the CCJ;s were big ones??

When were they cleared?

What sort of property prices are you looking at?

KatieY

One was 8k and I think the other two were for 5k.

Three years ago he entered into an arrangement with all creditors and agreed to pay a monthly sum. It was rather large as he was keen to see the back of them. By this stage the credit cards and loans had been sold onto debt collectors.

He settled the whole debt in July 09.

Ideally I'd like to borrow £160k.

KatieY

Sorry - should say that I spoke to a broker at London and Country today and he said that he couldn't see any lenders going near us. Fairly depressing but perhaps understandable given our situation!

sammyjammy

We need to know how old the CCJs are, i.e. when were they registered (this is when the six years is up - not when they are repaid)

KatieY

They were reg in 2006.

I always thought that a CCJ would last six years from when issued. But the broker I spoke to today said six years from when they are settled.

Cannon_Fodder

Why not just stick to a single application, you should be able to get close to £140k...with a bit of effort on the deposit, you might get to a 75% LTV, which will help the rate...

herbiesjp

Indeed.

You could look to buy on your sole income.

It will all depend on your credit history and other debts - you might not get a mortgage of £160k but you will get a mortgage

And £30k deposit is very good!

Mrs_Bumble

I agree with the above posts, you would be better to look at securing on your sole income. If you haven't already checked out sites like this one give them a go to check what houses have actually sold for rather than advertised for. https://www.zoopla.co.uk

Good luck

KatieY

Thanks so much everyone for your help. Will make some appointments to do it on my salary. Was just thinking that I'll only be able to borrow a small amount but you've made me realise it's more realistic.

Thanks again!