Adverse Credit Mortgage

elfpix

I have been having terrible trouble getting a mortgage due to bad credit and all I have is one ccj from 3 years ago that is settled, it's for £377 and when it went to court I was only told to pay half as the person who took me to court (nursery owner) was only 50% in the right and so was I. My credit rating is 895 and I have never defaulted in anything and have had mortgages for the last 11 years, my parner and I are trying to get a mortgage together now and his credit score is 969 so as good as it gets but because we only have a 10% deposit we're being refused, it appears you can get a mortgage if you have a ccj and you can get a mortgage if you have a 10% deposit but put the two together and there's no chance

herbiesjp

elfpix wrote: »

I have been having terrible trouble getting a mortgage due to bad credit and all I have is one ccj from 3 years ago that is settled, it's for £377 and when it went to court I was only told to pay half as the person who took me to court (nursery owner) was only 50% in the right and so was I. My credit rating is 895 and I have never defaulted in anything and have had mortgages for the last 11 years, my parner and I are trying to get a mortgage together now and his credit score is 969 so as good as it gets but because we only have a 10% deposit we're being refused, it appears you can get a mortgage if you have a ccj and you can get a mortgage if you have a 10% deposit but put the two together and there's no chance

Before doing any more damage to your credit score, you would be better off discussing your case with a whole of market mortgage adviser.

You are correct that the combination will cause problems, so you would need an adviser to find out which lenders might entertain your application without running any credit scores.

elfpix

We have a IFA on the case but he's not hopeful at all, I also have my bank account and current mortgage with the same company and they're calling me today to discuss but I don't hold out much hope. I guess it's a case of waiting until the CCJ has gone from my record, think that's 6 or 7 years

herbiesjp

There is a difference between IFA and whole of market mortgage adviser.

An IFA is "normally" an investment class adviser. They may not transact mortgage business on a regular basis, and therefore may not be up to speed on the criteria/nuances that different lenders may have.

These are things that whole of market advisers pick up on day in day out.

It may be beneficial to get a second opinion from a whole of market adviser, either to confirm what the IFA is telling you or to come back with different options.

elfpix

ok that sounds like a good idea and definately worth looking in to, thank you :T