First time buyers - help needed!

Mister_Cee

Hi

My girlfriend and I are first time buyers and will soon be starting to search for our first house, once we have saved some more pennies; we are currently at around £10,000.

Unfortunately we found out last year, through Experian, that my girlfriend has a CCJ on file (dated 02/09/2009) that she was unaware of to the amount of £496. This was immediateley paid in full as we didn't want it to affect our borrowing. The satisfaction date, according to Experian, is 04/04/2011.

I am just wanting to know how this is going to affect us when it comes to getting a mortgage and also if this is now going to affect the amount we will be able to borrow?

If someone could give me a rough idea of how much we would be likely to borrow; we have a joint income of approx £35,000 pa and if they recommend that we save more money for a deposit (I had about 20K in mind).

Sorry for asking so many questions I just simply do not know how these things work.
Any advice would be much appreciated.

Cheers

Chris

Dave_Ham

Hi Chris,

Unfortunately it will have a big impact on your joint ability to achieve a mortgage. Some, broadline solutions below that may or may not be practical subject to some information that we do not have..

• Take the mortgage in your sole name only
• Take an adverse credit mortgage at a higher interest rate, although definitely require 20% deposit, maybe 15% if you are lucky
• Put a parent or sibling on the mortgage with you for a period until partner can remortgage on

Or obviosuly wait until this record drops off their file after 6 years and then apply as normal (assume this will not be an option on timeframes) but it is when the CCJ was recorded not satisfied...

Good luck