Mortgage with ccj?

sarah.so_2

Hi all,

after a little advice!

i have had my house up for sale for over 12 months & dropped it by 25 thousand, i am wanting to move to pay off my debts & get a bigger house just out of the area im currently in where house prices are pretty high i have had an acceptable offer today, but am concerned i wont get a mortgage.

once i pay my debts i will have aprox 80 thousand deposit on another property and am looking to borrow a further 60 the same amount that my mortgage is now.
the problem i have is that i have a ccj against me and very poor credit rating through loosing my job a few years ago, i am repaying all my debtors & have kept up with the payments, but i have only been paying the last 6 months.

do you think any mortgage lender would be able to help me?

thank you for any advice.

GMS

Have you spoken to your current lender to see if they could help?

sarah.so_2

thanks for the reply
im going to ring them today... i am suppose im scared the answer will be no so been burying my head in the sand!

i do have a lot of equaty in the property, but when i have tried to get help from companies i owe previously i feel like im banging my head agains t a brick wall! i have never stopped paying, but have had to reduce my payments or make the payments late. i have arrangements with all my debtors & would clear all my debts so it was just the new mortgage i would have.

i suppose i wont know till i ask...

i will today and update later then i suppose if they say no i just wont know where to go

hillcats

Sorry, but I dont think you will be moving... (not soon anyway...)

GMS

sarah.so wrote: »

thanks for the reply
im going to ring them today... i am suppose im scared the answer will be no so been burying my head in the sand!

i do have a lot of equaty in the property, but when i have tried to get help from companies i owe previously i feel like im banging my head agains t a brick wall! i have never stopped paying, but have had to reduce my payments or make the payments late. i have arrangements with all my debtors & would clear all my debts so it was just the new mortgage i would have.

i suppose i wont know till i ask...

i will today and update later then i suppose if they say no i just wont know where to go

Equity is great but you need to be able to access it. If you are looking for the same amount on the new mortgage as your current you could ask your current lender if they will 'Port' the mortgage. This is basically shifting the same terms to the new property but they would want you to meet their criteria. Due to credit issues you may not do this.

If you don't ask you won't know!

Good Luck

luckyfool

Depending on how old the ccj is, and how much it was for given that deposit there will be options with a new lender. A good mortgage broker should be able to run through them with you.

mrs*84

My husband and I are in a similar situation to you in that we have a CCJ from 2007 and a poor credit history. Our broker managed to get us a mortgage with a new bank called Aldermore. They didn't check our credit history, just our income and where our deposit came from. I would contact a broker if your current mortgage company can't help you

Good Luck x

GMS

mrs*84 wrote: »

My husband and I are in a similar situation to you in that we have a CCJ from 2007 and a poor credit history. Our broker managed to get us a mortgage with a new bank called Aldermore. They didn't check our credit history, just our income and where our deposit came from. I would contact a broker if your current mortgage company can't help you

Good Luck x

Aldermore did check your credit history. They do not credit score which is a totally different thing. 3 years of no CCJ's or defaults is required for them together with no missed mortgage payments in last 12 months.

mrs*84

GMS wrote: »

Aldermore did check your credit history. They do not credit score which is a totally different thing. 3 years of no CCJ's or defaults is required for them together with no missed mortgage payments in last 12 months.

Oh sorry, i didn't realise this, my broker has been dealing with it!

GMS

No problem that is what broker's are for, to do the work so you don't have to.

Glad you were able to sort out a mortgage.

sarah.so_2

i have asked my current lenders who turned me down flat, they said that i can put a letter in explaining circumstances & why i got into debt but they have told me they dont think it will do any good... im still going to try.

i have contacted two morgage brokers,one i am not happy with his sugestions or his attitude and the second failed to keep my appointment!

i know its going to be dificult, but if i dont sell the house i cant clear my debts.. if i sell i clear everything bar the mortgage! i just dont know who to turn to for help! is there a list of reputable brokers or possibly a lender that will even consider me?

thanks for all your replies.