Sisters previous CCJ & bad credit history. Is it impossible to get a £100K mortgage

lancslass2008

Hi all

I suppose I half know the answer to this, but hey, nothing lost.
My sister is 40 years old. Previously she has had bad credit, including 2 CCJ's a couple of years ago (Council tax & council rent). She has now got herself sorted and is currently paying back her arrears alongside her existing council rent & existing council tax. She has a good job as a midwife, which yields about £1400 Nett PCM. She has been in her council house for 18 years, so will get a great discount. The problem is.... She's desperate to get out of the council house. But...... A few checks I have made give her no chance of getting a mortgage fir about £110, 000, even with my loan of £10,000 for a deposit. She's so upset at the thought of having to live in that house forever. Anybody got any ideas on what she could do??? Is a mortgage as unlikely as I think? I'm sure if she buys the council house she first has to pay off all her arrears and then she'd have to wait 5 years to sell it, meaning she'd be stuck there for at least another 5 years. For information purposes the house is worth about £100,000.

TotallyBroke

For a start most lenders will be looking for a deposit of atleast £25,000.
While she still has the ccj's showing as unsettled there will almost no chance. THe best thing she can do (and it is what I am having to do) is to grin and bear it. Work bloody hard to pay off the debts asap and start clearing your bad history.

use https://www.makesenseofcards.com/soacalc.html and see if there are any savings to be made. Maybe consider renting out a room to a fellow midwife on the opposite shift so you're not in each other's way for a bit of extra cash.

Conrad

It's p[ossible some new adverse credit mortgage products will be released in the next 2 years. In the meantime she just has to make sure verything is paid on the nose.

A common problem we get is where the council rent is due on x date but the tennant pays on y date, or the tenant pays monthly yet the rent is due weekly.

It is 100% her responsibility no matter what, to pay the rent as per the contract, not as per some chat she might have had with some helpful lady at the council.

If she does all that, does'nt change employers, does'nt forget to leave enough funds in her Bank NO MATTER WHAT (dogs dieing / family illness), then she might find she has a fighting chance in the comming years.

I wish her all the luck