Help!Need mortgage advice following split and bad credit

leona25

Hi,
This is the first time I have posted on here and really need some advice as I dont know where to turn. I own my house with my ex-boyfriend (we split 6 months ago). Mortgage is in both our names, house is worth 10k less due to recession than when we bought it. My credit report was perfect up until 2 years ago, when i took a loan out for my ex as his credit was poor. He then got made redundant, we struggled paying bills and subsequently I got a default in 2008 and subsequently a ccj in 2009 for the same loan. I am now looking to move house, possibly sign this house over to him and buy a flat (worth approx 115k). I have been offered approx 20k from family as a deposit and my income is approx 33K per year. There is 7k left on defaulted loan. Do I have any chance of getting a mortgage if I pay off loan and have 20k deposit??
Thanks for taking the time to read this!
Leona25

jonjamie1970

Hi Leona

I am in similar circumstances to you except it was my ex who left, ran up a bill with Next in my name and hid the bills, I then got a Default in 2006

I have found it extremely difficult to find a mortgage and have been turned down by two major lenders, I still have my mortgage but I am stuck.

You may be lucky and find someone but its normally a sub prime lender who will increase mortgage rates as you are a high risk.

It maye be you have to sit tight and rent for 6 years, save a deposit yourself and rebuild your credit history.

To confirm, my default was £600 and I paid it as soon as I found out.

leona25

Thanks for your reply jonjamie,
I suspected that I would have to get a sub-prime mortgage but wasnt sure if even they would have me!! I would be willing to pay higher interest rate until my credit file was clear if possible-will have to look about for a willing lender!!
I'm currently paying mortgage, all the bills and the debt. It's annoying that I am able to pay the repayments but because of one stupid loan I have messed up my chances for 6 years!! :mad:
Right-I'll stop moaning now..
Leona