Mortgage with CCJ

andythewelder

I am asking for some advice from the many helpful mortgage brokers/financial advisors on this forum.

Currently have 2 unsettled CCJ's, one in 2010 for £1500 and one in 2011 for £900, both disputed business related (currently being cleared with a balance of £300 to pay)

I have no other debt apart from my current mortgage.

Looking at a property valued at 150k, able to get 45% deposit (with the sale of my current property)

Is there anywhere that would consider me for a mortgage?

Thanks

Conrad

Yes but you'll be looking at 8% interest and tied in for 2 or 3 years. Then look to remortgage after that. You should clear those cjj debts now. A Court has decreed you were the wrongful party so no lender will go along with your 'disputed debt' line I'm afraid.

Dave_Ham

Hi Andy,

Whilst surprisingly I agree with Conrad regarding the CCJ, I do not flippantly want to throw 8% rates without knowing fuller facts.

There could be all manner of alternative solutions, but would not want to suggest you look into anything without knowing more.

Is it just you, or do you have a partner/wife. If the latter, were they privvy to the CCJs or assuming business debts maybe not..?

Do I assume you are self employed?

Conrad

Yep you could put in wifes name only or maybe try a buy to let in her name but I find lenders have wised up to all this and often withdraw mortgage offers at the last minute when things come to light.

With 2 large adverse elements in recent time, the rate will be 8% or so.

Kensington wont touch it. No small prime rate BS will touch it. No mainstream lender will do.

GE Money are a possibility but I doubt it very much afterall they were hugely affected by the credit crunch.

If your wife is clean someone might suggest use her name and inflate her income, but beware many brokers and clients are getting caught out now. Broker in particular - all it needs is for FSA to get hold of clients and suggest they let those clients off if they all speak against the broker, and its game over, £125k fine.

Dave_Ham

Or alternatively (and hence why I do not loosely throw around figures or banks names) OP has a wife or partner who earns enough in her own name to justify such a solution.

Or alternatively, with just income being an issue use of a parent or sibling in addition to wife/partner may mitigate such an issue.

Hence my original post asking for more information.

Simon_gloster

Conrad wrote: »

Yep you could put in wifes name only or maybe try a buy to let in her name but I find lenders have wised up to all this and often withdraw mortgage offers at the last minute when things come to light.

With 2 large adverse elements in recent time, the rate will be 8% or so.

Kensington wont touch it. No small prime rate BS will touch it. No mainstream lender will do.

GE Money are a possibility but I doubt it very much afterall they were hugely affected by the credit crunch.

If your wife is clean someone might suggest use her name and inflate her income, but beware many brokers and clients are getting caught out now. Broker in particular - all it needs is for FSA to get hold of clients and suggest they let those clients off if they all speak against the broker, and its game over, £125k fine.

Conrad, you have just madebmy night.

Maybe the op could go to MBS Lending, Beacon, Future, SPML....GE is too dirty.

Thrugelmir

Are SPML still lending?

Thought their ship sank with the demise of Lehmans.

andythewelder

8% interest with a 50% deposit... I don't think so.

This thread has gone seriously downhill. Put in a wifes name only for a buy to let mortgage on a property that she would live in??

Thrugelmir

andythewelder wrote: »

Put in a wifes name only for a buy to let mortgage on a property that she would live in??

Mortgage fraud as well. Why compound your problems even further?

andythewelder

Thrugelmir wrote: »

Mortgage fraud as well. Why compound your problems even further?

I suggest you read the thread properly. Conrad (not I) suggested to put in a wifes name only for a buy to let mortgage on a property that she would live in.

Thrugelmir

andythewelder wrote: »

I suggest you read the thread properly.

I'm merely pointing out the downside irrespective of who said it.

If I said to you do 40 mph in a 30 mph speed limit I wouldn't expect you to do it. One would hope common sense would prevail.

Lenders can identify risk takers.