Mortgage with bad credit

leveller2911

[QUOTE=Leon W;31513247Let me ask you a question as I would be interested in the answer. Let's say that you, Mr VIGILANT, had a CCJ for £6k and it was now 5 years and 364 days later.

Someone leaves you £6k on that day and you are faced with a choice, settle the CCJ or leave it in the knowledge that it will not show on your credit file the very next day ?

No moralistic holier than thou BS please.[/QUOTE]

Without wishing to butt in IMO NO ONE should be lent money if they have failed to pay back any previous loans/mortgages ..Call me old school if you like ...If there is dishonesty there, which there clearly would be then blacklist them for life......

Leon_W

Now now leveller you haven't answered the question ! Please advise your answer.

Where have I said that people should be lent money when they have failed to pay back previous loans or mortgages ? I haven't, but I do think your "blacklist for life" is a tad Right Wing Daily Mail. You get less for murder don't you know !

VIGILANT22

The OP's reason for posting:

Bluesmartie: I am looking to get a mortgage with my boyfriend.

Leon: Financial Association Why you bring this up I have no idea. There is no financial association so therefore a total red herring.


Can you see the clue? (doh) .....get a mortgage with Financial Association!

If you are financially linked to someone else (joint mortgage), the name of this person will appear on your credit report under the Association section.
From Experian: Meanwhile, should an application fail due to one person's problems that could impact on the others as a financial associate link may be made between all applicants.

VIGILANT22

Leon....
Hilarious…Really!!.So you don’t arrange any mortgages based on a single income but 2 people named on the mortgage/deeds???

VIGILANT22

Leon_W wrote: »

"If a CCJ takes more than 6 years to repay the creditor will re-register it with the credit reference agencies."

Yep, maybe, but in my experience unlikely.

That's not what your 1st said...

Firstly the CCJ that isn't paid off. So what ? Whether it's paid off or not will make no difference to most lenders as the fact that one is registered is all they need to know. By paying it off now will cost the OP £6000 for not much benefit. Frankly, if the lender isn't chasing it, they are better off not paying it and letting it drop off the record in four years time. Saving the OP £6k.

You are a disgrace to the mortgage industry.........

VIGILANT22

[QUOTE=Leon W;
living there....rolls eyes..."

Mortgage lenders are not bothered with other people living in the property as long as they are not DEPENDANT Need I go on ?[/QUOTE]

I have just noticed this......

Lenders are indeed concerned who lives in the property ..have you never had to advise on a borrower completing a Consent to Mortgage form by Borrower…or have you just never declared other occupants!!??

Consent to Mortgage form by Borrower…
This is a form used by the lender when there will be a non-owning occupier also living at the property. The effect of the form is that the occupier is agreeing and accepting that, if the borrower does not pay the mortgage and, as a result, is evicted from the property by the mortgage company through repossession proceedings, then the occupier also must simultaneously leave the property. Separate legal advice should be given by an independent lawyer who is not acting for the borrower.

Leon_W

Err, that's what I said. All the lender wants is a form signing.

You said it affects affordability and the loan amount when you have someone who is not dependant just living with you. It doesn't.

Leon_W

VIGILANT

The original post said the OP was looking to get a mortgage with her boyfriend. Quite clearly this was never going to happen (didn't we establish this very early in the thread?), so where does all this talk of "financial association" come from ?

There is no financial association and there never will be. Your point is completely irrelevant.

On the CCJ point. In order for a CCJ to be re-registered you have to go to court and it's up to the OP whether they pay it off or not at that point. I did say in my original post that re-registering is unlikely, which it is, as no lender is going to make more effort trying to recover a debt that wasn't repaid at the first instance. In fact I'll go one step further, I have NEVER met a client where a CCJ has been re-registered. You can chose to believe that or not, the choice is yours.

I did laugh at your last point. "You are a disgrace to the mortgage industry" I think you'll find that 99% of my peers would disagree with you, but hey ho, you can't please all of the people all of the time. You are entitled to your opinion

Right, I do have to be off now and it has been thoroughly enjoyable running rings around your, quite frankly, silly arguments. I bid you goodnight.

The fact that you couldn't (or wouldn't) answer my fairly simple earlier question is noted !

VIGILANT22

Leon_W wrote: »

Err, that's what I said. All the lender wants is a form signing.

You said it affects affordability and the loan amount when you have someone who is not dependant just living with you. It doesn't.

It does indeed affect affordability if 2 people on mortgage and 1 income...

VIGILANT22

Financial Association

The explanation was indeed relevant...if the OP had been aware it is highly unlikely she would have asked the question regarding a mortgage now or in 18 months...

http://www.payplan.com/frequently-asked-questions/county-court-judgements.php

Your CCJ will appear on your credit file for 6 years (if it takes you more than 6 years to repay the CCJ, the creditor will re-register it with the credit reference agencies).

Running rings around me...you're having a laugh

ie CCJ's dropping off in 4 yrs....:)