FTB need 100% but have ccj - Help please!

Debt_Free_Chick

This will sound harsh, but I'm only trying to put the situation as the lender is likely to see it ...

A CCJ means that in the past, you have had problems managing debt and you have failed to sort them out with the lender. The lender had to take you to Court to get you to make the agreed repayments.

You have no deposit ... and the two together make you look like someone who can not (yet) manage their finances.

If you can afford the mortgage repayments, then presumably this means you currently have some surplus money, when you've paid your bills? In this case, I would save the surplus like crazy and look for other ways to cut back where you can, so you can save even more. This will help with the deposit.

If you don't currently have a surplus, you need to re-look at your budget to see if you really can afford to take on a mortgage and all the other costs of house-owing.

HTH

Emma24

Debt_Free_Chick wrote:

This will sound harsh, but I'm only trying to put the situation as the lender is likely to see it ...

A CCJ means that in the past, you have had problems managing debt and you have failed to sort them out with the lender. The lender had to take you to Court to get you to make the agreed repayments.

You have no deposit ... and the two together make you look like someone who can not (yet) manage their finances.

If you can afford the mortgage repayments, then presumably this means you currently have some surplus money, when you've paid your bills? In this case, I would save the surplus like crazy and look for other ways to cut back where you can, so you can save even more. This will help with the deposit.

If you don't currently have a surplus, you need to re-look at your budget to see if you really can afford to take on a mortgage and all the other costs of house-owing.

HTH

Yes, good advice, thank you. Not much surplus after rent and bills at the moment - the mortgage i accept will have to have repayments close to what my rent is at the moment. I appreciate that I would be 'high risk' due to no deposit and needing 100%...I just wanted to know if there are any companies that offer such terms.

Thanks again

Roy5085

Yes there are and they would grab you like tomorrow and that was not to entice you. What’s the rush? What’s driving you towards a mortgage at this time?

As Debt_Free_Chick it seems you have surplus monies but on the other hand the debt to the CCJ should be one of your first priorities before going into a mortgage commitment. Fact of life is consumers need to prove themselves first to lenders as they hold the risk. The fact that sub prime may lend to you has inherent and real long term effects but if your secure now and stable without a compelling reason to move for the time being then maybe as aforementioned, patients may provide you more long term security and less financial headaches than you could imagine even now. I am not a mortgage advisor and I make way for those who know more.