Can't get a mortgage

mcscoobs

Bit of a frustrating read! 4 years ago, I (stupidly), was in a bad place and received a CCJ. A year later, it was paid/satisfied. Nearly 18 months ago, I got married, and a year ago nearly to the date, I had my first child.

Between my wife and I, we bring home £55k. She had a flat with her ex (mortgaged) which she recently sold, and now the pair of us are living in my parents place (5 people in a 4 bed house isn't great fun!).

We have a £10k deposit, but as that seems to be nowhere near enough to buy outright on the open market, we've been looking at shared ownership and other schemes of that ilk. However, due to the fact the CCJ is on my record, regardless of the fact its satisfied, not one single mortgage underwriter will touch me with a bargepole.

We earn too much to qualify for social housing, we can afford a mortgage, but it almost feels like I can't provide for my own family due to something that happened before I was married.

My wife has a good credit record, she could probably get a place in her own name with a scheme, but once they look into my credit history, we'd probably get rejected. Plus I don't want anymore credit searches!

Not sure what sort of answers I'm looking for on here, just some advice about what to do now?

HappyMJ

Over the next 2 years save like mad. Then you will have a much better deposit and the CCJ will no longer be on your credit file. You will then be able to get a mortgage. Get your credit report and make sure it is accurate.

I don't see what's wrong with 5 people in a 4 bedroomed house your parents have a room, you have a room and your child has a room. There is still one unoccupied room.

mcscoobs

Thanks for your post. After I received my CCJ, I checked my credit report and score for the first time. It was sitting at 300. Since then, I've religiously checked my report every month, my score is now approaching 800 - Not missed a single payment since the CCJ. But I'm thinking that's probably the only option I have anyway, wait and save!

HappyMJ

mcscoobs wrote: »

Thanks for your post. After I received my CCJ, I checked my credit report and score for the first time. It was sitting at 300. Since then, I've religiously checked my report every month, my score is now approaching 800 - Not missed a single payment since the CCJ. But I'm thinking that's probably the only option I have anyway, wait and save!

Score? Score means nothing ignore it. Hope you didn't pay for it. The statutory £2 credit report is all you need. Each bank will internally score according to their own criteria and a CCJ usually means a referral to the underwriter. If you have any outstanding credit then it is likely you will be declined. Cancel all but one of your credit cards and pay off any loans.

saverbuyer

5 people in 4 bed house. That is shocking. Reminds me of the slums of Mumbai... Whats is this country coming to? We should have 6 rooms for every person.

Seriously though - get saving.

DannyboyMidlands

You're right, very frustrating. Forget shared ownership, social housing etc. etc. and simply save some damn money. Where's the problem?

With a joint income of £55k you should easily be able to save £20k per year. Get on with it already.