Crap Credit History looking for mortgage next year

mrs_skint

Hi guys

This is probably a bit premature but any advice is welcome. We are currently on a high interest rate with our mortgage (8.24%). This is because we have a bad credit history. However, we've spent the past 4 to 5 years trying to improve it by very basic living! Most of our defaults will have disappeared from our credit file next year, just in time to seek a better mortgage rate. However, my CCJ will still show on my file until 2011.

With the market the way it is now is there a chance that we'll get a better rate do you think?

Thanks!

VIGILANT22

Depends on the LTV, when CCJ's were satisfied etc
What rate do you go on to at the end of the 8.24%

mrs_skint

Well at the minute the house is valued at £220,000 and we owe about £83,000. Sorry, don'tknow what rate we go on when finished. We're with First Direct. Thanks!

mrs_skint

oh sorry forgot to mention. The CCJ was actually paid up a couple of years ago and is showing satisfied on my file. It is still showing the amount that was initially owing though.

mrs_skint

Hi again - just had a look on my credit file. Satisfied judgement date is 04/04/2006 so show on file until April 2012

mrs_skint

made a mistake above - actually owe £183,000 not £83,000 (I wish!)

VIGILANT22

Yr on 8.24% with First Direct on a LTV OF 37%...I find that hard to believe

ah just seen yr amended post...

mrs_skint

yeah, I'm an idiot :-)

VIGILANT22

Check and see if first direct offer exisiting customers product transfers without credit check...

mrs_skint

ok, will do. Thank you for your help x

sammyjammy

The CCJ will disappear six years from the date it was raised not the date it was satisfied so will disappear sooner than you think.