FTB need 100% but have ccj - Help please!

Emma24

Hi,

I've tried searching to see if anyone has posted something similar but didn't have much luck.

I am a first time buyer looking to buy on my own, I have no deposit (and no way of getting one) so would need a 100% mortgage...however I have a ccj. I know some lenders will allow one ccj but I can't find any that will do 100% - am I stuffed?!! I have considered taking out a personal loan for a deposit but because of my poor credit rating I would have to pay very high interest rates so am reluctant to do so.

Does anyone know of any lenders that will offer me 100%?

Thanks in advance, Emma

meanmachine_2

But how will you pay the stamp duty, moving costs, legal costs, furniture, maintenance costs?

I suppose you could try Northern Rock. They give the impression they'll lend money to anyone...

emmaHarris_2

Hi Namesake, there are many lenders who will and most in the sub prime markets and I would highly suggest as a first time buyer you do not get into this market if other mainstream lenders can assist you. My reasons are many-fold but it’s the long-term as well as short term you should consider.

I am sure there are advisors here who will say the same thing and mortgagemamma, andrew and homerJ are better placed than me to advise on your future overall. It sometimes better to fix your credit first than jump into the unknown. I wish you real success:)

emmaHarris_2

and of course meanmachine:)

herbiesjp

What is your income?
What amount are you looking borrow?

What was the ccj for?
What was the amount and when was the ccj registered as satisfied on your credit file?

Emma24

meanmachine wrote:

But how will you pay the stamp duty, moving costs, legal costs, furniture, maintenance costs?

I suppose you could try Northern Rock. They give the impression they'll lend money to anyone...

no stamp duty, moving costs will be minimal, I have furniture and I can just about cover legal costs.

Emma24

emmaHarris wrote:

Hi Namesake, there are many lenders who will and most in the sub prime markets and I would highly suggest as a first time buyer you do not get into this market if other mainstream lenders can assist you. My reasons are many-fold but it’s the long-term as well as short term you should consider.

I am sure there are advisors here who will say the same thing and mortgagemamma, andrew and homerJ are better placed than me to advise on your future overall. It sometimes better to fix your credit first than jump into the unknown. I wish you real success:)

Thanks for your reply. Yes, I have been thinking that it might just be a better idea to wait and save a deposit up. My credit rating is definitely better than it used to be - I have no significant debts now, and those I do have are being repaid regularly.

Emma24

herbiesjp wrote:

What is your income?
What amount are you looking borrow?

What was the ccj for?
What was the amount and when was the ccj registered as satisfied on your credit file?

sorry - income is just under £24,000pa, ideally would like to borrow around £115k but around £100k is probably what most lenders will lend me. The ccj is still being repaid and will take at least another year so no chance of having it removed for a few years (I think it's six from when it's satisfied)

emmaHarris_2

Brill!! I mean no harm but just a little warning thats all. Patients sometimes is a wonderful thing.

emmaHarris_2

at least another year so no chance of having it removed for a few years (I think it's six from when it's satisfied)

Yes it is.

Emma24

emmaHarris wrote:

Brill!! I mean no harm but just a little warning thats all. Patients sometimes is a wonderful thing.

yeah, obviously I'd rather buy sooner than later and want to make sure i've exhausted all possibilities before i give up...