CCJ Mortgage

playghirl3

I have two mortgages a buy to let and the place I live. I now need to upgrade and buy in an area near a good school. However my husband incurred a CCJ LAST YEAR IN 2008. It is for a bit under 4000 pounds.

My Natwest have said that no one on the high street will lend to us. WQe have never missed a mortgage payment.

I reckonTHAT we could easy stump up 30 percent with the sale of one or both properties. However we are stumped by the CCJ as paid or unpaid it will be lurking for the next 5 years.

Between us we earn 75 grand per year and I would like to borrow 70 percent of 300 350 K. Any suggestions or are we snookered for the next 5 years which makes it to late to move to the catchement area. I would like to have moved no later than 12-18 onths from now.

Many Thanks for your honest advice .:A

_Andy_

Speak to a broker.
Expect higher rates to reflect the risk the lender is taking.

playghirl3

Firstly thanks Andy for the prompt reply.:j

This is my first time on this site I imagine forhould I jusmally recommendations of brokers are not made. I am concerned then about choosing the right broker as I would not want more footprints over our credit files.

Where do you find brokers who will advise credit risks?

Tuscan

we are in the exact same boat as you, but have larger deposit. from the reseach i have done it seems that in the current climate theres little hope of getting a new mortgage with a ccj unless you are willing to pay a super high interest rate and even then its not easy to find a willing lender and defo not a high st bank.

we have decided to wait it out for another yr-18 months and see how the lenders and market are then, if still a no go we are going to sell up and rent in the area we want to live as it will be getting towards the time for our daughter to start school so cant wait any longer. we will then either invest the equity in a bond or use it to by a cheaper rental outright and then sit tight until we have the CCJ removed from my credit file and continue to save up in the mean time to close the gap on what we need to borrow.

we have also never missed a mortgage payment in 10yrs and have well over 100k in equity, we are also moving way out in the sticks so will be buying a bigger house at around 70k less than our current home is worth but that dosent seem to matter to the lenders now days...

may be you could consider doing the same if you dont have any luck..

herbiesjp

70% LTV will help you a lot

Your income is fine - assuming no other debts in the background

You definitely will have to look off the high street for a deal - you may have a handful of limited option, but at higher rates as Andy rightly says

Definitely go via a whole of market adviser, as you do not want to apply to the wrong lenders and have them run credit checks which will further damage your credit file

playghirl3

Thanks for your responses. I just spoke to a broker- one of the no fee ones who have told me to get our credit score/ number and get back to them.

My other half does not want to rent- but he doesn't understand about schools.
So first step I will get that number and get back to them.

Good luck Tuscan.

herbiesjp

The number will not mean a thing to the lenders.

A copy of your credit file will help find a lender if possible.

But not sure why they want the numbers

_Andy_

playghirl3 wrote: »

Thanks for your responses. I just spoke to a broker- one of the no fee ones who have told me to get our credit score/ number and get back to them.

My other half does not want to rent- but he doesn't understand about schools.
So first step I will get that number and get back to them.

Good luck Tuscan.

Don't bother paying for the number - what you need is the credit report - you can order it for £2 from Experian and Equifax. This report shows how the lenders have reported your conduct of your accounts.
Belated welcome to MSE by the way

playghirl3

I wonder why they told me that?

herbiesjp

playghirl3 wrote: »

I wonder why they told me that?

No idea

But it would start me wondering if they knew what they were talking