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Mortgage after CCJs?

I have 2 CCJs, both acquired when I was out of work and both still unsatisfied at the mo. I'm hoping that they'll both be paid off by the end of the year

I have a few other outstanding debrts, again I hope they'll be cleared by the end of the year.

My question is, will I still be eligible to get a decent rate mortgage? How long should I wait before approaching high st lenders and how mcuh of a deposit should I be looking to save?

I have a basic bank account, so aren't even a "normal" customer. What will my options be. Obviously I'd like to get on the property ladder at some point. I'm 25 and renting at the mo.

It just seems impossible at the mo. Give me some hope please :confused:

Comments

  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    To get a resonable rate, you should try to save for a 10% deposit but it should be possible to arrange a 95% mortgage for you.

    What's the rush? Wait until the end of the year and it will be a lot easier once you are clear of all the debts.

    Chill

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • Blushbaby
    Blushbaby Posts: 110 Forumite
    There's no rush, I'm not looking to get one now - couldn't afford to now anyway. I just wanted to know that it WAS possible despite me having had 2 CCJs in the past to get a good rate.

    Thanks.
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Blushbaby, I do not specifically recommend them to you but you may find the information on the range from BM Solutions of use. Scroll down the list and watch the effect of increasing CCJ amount on the interest rates and deposits required.

    You should definitely use a mortgage broker to help you to find the best rates but knowing what BM Solutions offers should give you some idea of whether you're getting a decent deal for your situation.
  • Blushbaby
    Blushbaby Posts: 110 Forumite
    Thanks for your help James - much appreciated
  • Blush I was in the same boat cant compliment BM high enough they are part of the halifax so a very reputable company we got a decent rate and considering our rating was horrendous we were pleasantly surprised.

    well done BM!
    Isn't the knowledge that comes from experience more valuable than the knowledge that doesn't?
  • frugalpam
    frugalpam Posts: 2,514 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Blushbaby wrote: »
    I have 2 CCJs, both acquired when I was out of work and both still unsatisfied at the mo. I'm hoping that they'll both be paid off by the end of the year

    I have a few other outstanding debrts, again I hope they'll be cleared by the end of the year.

    My question is, will I still be eligible to get a decent rate mortgage? How long should I wait before approaching high st lenders and how mcuh of a deposit should I be looking to save?

    I have a basic bank account, so aren't even a "normal" customer. What will my options be. Obviously I'd like to get on the property ladder at some point. I'm 25 and renting at the mo.

    It just seems impossible at the mo. Give me some hope please :confused:

    I have 2 CCJ's - both were small amounts and both had been satisfied. I got a mortgage from Chelsea Building Society at a pretty competitive rate - check this out I've been really pleased with them, and when my fixed rate comes to an end next January, they've indicated they'll give me a 'normal' mortgage as I've conducted the account well and always paid on time. I highly recommend them!

    Pam
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