Can't find a lender

chippydog

I really need advise on finding a mortgage. Its a joint mortgage. we have £12500 saved up. The property we want is £109995. The vendor has agreed to pay 5% gift deposit or accept 5% lower asking price. The problem is i have 2 CCJs relating to 2005 and 2006. These seem to be the only stumbling block. Any help?.....

delveh

Find yourself a Whole of Market Mortgage Adviser, they will be able to select the right product for you if available.

luckyfool

I can't see another lender agreeing to 90% where 5% of the deposit is coming from the vendor, and you have 2 ccj's in the background.

chippydog

our deposit plus the 5% vendor deposit come to 15%, does that help?

luckyfool

Sorry, I missread the post. I really think you are going to struggle I'm afraid. Most lenders will ignore the gifted deposit so would be working on it as being 90%, which is a real stretch. With a 15% deposit from your own resources, and certainly with a 20% deposit you would have more luck. Who do you bank with?

chippydog

Barclays. haven't even given them a thought as i went on their mortgage calculator and their projected deposit was farcical. I don't think i'll stand a chance with them.

luckyfool

If you have held your current account for at least 6 months and funded it with salary, they might have a PAML for you (pre approved mortgage limit). Ultimately though, they would require a minimum of 15% deposit from your own resources.

chippydog

then there's still no guarantee with my CCJs though. Would the difference betewwe 1 and 2 CCjs make much difference? One will be gone in February next year.