Getting a mortgage with ccj's

Elloyd

Hi

I was just wondering if there was anyone out there who has applied for a mortgage when having ccj's against them. I was wondering how hard you found getting a mortgage deal.
I am currently just beginning the process of heading in the direction of getting ccj's against me and my husband, we have been advised to stop paying our credit card debt due to being in finacial hardship after my husband had his wages reduced by £15k a year due to loosing his job and having to take a much lower paid one, and also us having a new baby. So I am guessing once we stop paying them, its that slippery road to ccj's. We are on svr at the moment, which is fine while interest rates are so low, but would be looking at fixing again in the future when they start going back up again.

Let me know your thoughts.

_Andy_

If you stay with your current lender the ccjs won't affect things. If you want to move lenders this will either result in higher rates or declines.

Elloyd

Hi

Our current lender is Norther Rock, and they aren't offereing any remortgage deals, which is frustrating.

Conrad

Its pretty unlikely you'd get a mortgage with a new lender and you would'nt be allowed to port the existing mortgage to a new home if you at that point have ccj's, as a new property always involves re - undewriting.

You would usualy be able to transfer to a new deal within the same lender on the same home though but not borrow any more.

Conrad

N Rock are offering existing client new deals. I think there are rules though such as maximum 75%, so double check. I've had clients come in and ask me what I think of thier new deal proposed by N R, so I am 100% correct they can offer new deals for some customers.

Elloyd

Hi Conrad, I have just called NR, and they tell me they can no longer offer me anything, so I have to either stay on SVR, which is fine for the moment with interest rates so low, but once they creap up, it doesnt look like there is much I am going to be able to do, but stay on the svr, which could in the end result in loosing the house if the rates go up too much, because we will no longer be able to afford the mortgage. Or am I just getting ahead of myself a little and worrying too much.

Conrad

Worrying is good for us in the sense it helps us plan ahead. TBH if you need to remo you need to do it before you get adverse credit, and you will stand very little chance later.

When you see brokers saying people might get a mortgage with ccjs, thats on the assumption the ccjs are historic and hopefully satisfied.

brians_daughter

Elloyd, no info re mortgage but please pop over to the DFW (debt free wannabe) board. They dont bite but can offer advice re ppl you owe money to, and help with getting a budget together. Hopefully this can be done prior to any court action

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

Conrad

EDIT - of course if you do remo now, it must be affordable and the right thing to do. Note any fixed rate will be at a higher rate than your svr I susupect.

Conrad

One more thing, most DFD stuff is a waste of space. My brother and some clients went bankcrupt, didnt lose thier homes, csarried on with bank accounts but suddenly had a life without debt and started anew.

Many that use these debt programmes dont appreciate they will be blackl;isted for years as a result, far longer than with a bankcruptcy and also they end up paying lots more back than with a bankcrupty. I liken debt progammes to sticking plaster

Elloyd

Hi guys.. Thanks for all the advise.. I am just all over the place with worry.... You have been great that. thanks. Will pop over to the debt free bit now and see whose there.