kensington

towncryer

i have adverse credit, mainly 0ne ccj for 4.2k, in 2004 (dont even know what it is as moved when it came in, afraid to find out, as dont want bailiffs cming round, it made me ill before). Anyways,
we pay £680 a month, on 107k, interest only. (6.8% fixed for first two years of three, final year is linked to bank of england)

This has another 18 months, to run before we can remortgage without a 7k penalty, but the last 12 months of that are linked to current interest rates + 2-4% or something.

So I would like to know just in case, who else does adverse credit mortgages, is there better lenders, just in case end up paying 9% plus next year, if rates keep rising

I have never missed a payment in first 18 months, and not had any other credit problems, plus earning about 30k plus now, which a few years ago was more like 8k.

Help?

Thank you in advance all money saving experts

Mike

AndrewSmith

Hi Mike,

The first thing you must do is establish exactly what the CCJ is for and to whom the money is owed. Your priority must be to get this paid off if it is not already.

Most of the time the person to whom you owe the money will allow you to come up with a payment plan to clear the debt. It will not go away without you taking ownership of it and clearing it or arranging a payment plan.

Until this debt is paid off or under a payment plan then it is unlikely that a high street lender will look at the case for you.

This does also all depend on the specifics of your case, such as property value, employment history etc etc.

Andy

Xbigman

I assume from your title you are with Kensington? They have a bad reputation and you definately want to get out of their grasp. You should go to a whole of market mortgage broker. If you have decent equity and good mortgage payment history a lot more high street lenders will consider you and a main stream lender should be your aim, but that does mean paying off that CCJ.
Regards



X