Remortgage with 1 CCJ

Si2

I hope someone could give me some advice please.

I am looking to remortgage my house in order to get work done, kitchen, new windows, and a few other jobs that need doing.

I have 1 CCJ from approx 5 years ago. I was younger and not the most sensible. I also have a Credit Card which I defaulted on, the balance is approx £800, this is from 4 years ago, I haven't heard from the CC company for years now and to be honest I kind of forgot all about it until I sent off for a credit report, I plan on paying it off this week, but it's the CCJ.

I understand I may have to pay a higher interest rate, but that's fine. I'm just looking for some advice really of where I should be looking. Which mortgage brokers should I deal with? A friend of mine has given me the number for someone he dealt with but he charges £1000 on completion, I think that's a bit hefty and I thought he should get his money from the lender?

Senior_Paper_Monitor

If the default shows unapid for 4 years in is probably as bad as the CCJ (dpending to some extent on the amount).

What LTV before/after are you looking for ? Who is current lender ?

Si2

Senior_Paper_Monitor wrote: »

If the default shows unapid for 4 years in is probably as bad as the CCJ (dpending to some extent on the amount).

What LTV before/after are you looking for ? Who is current lender ?

I have £70,000 outstanding to pay, would like to borrow £95,000 and my house is worth £120,000. Currently with Chelsea Building Society.

Dave_Ham

Hi there,

You are likely to need a specialist, given what you have shared. A lot will depend upon the other factors in your situation:

What current mortgage balance do you have (approx.)
What is the approx. property value

Given the length of this adverse, there may be mainstream solutions available not at a premium rate.

Whilst £1,000 fee sounds high, it depends upon what you are going to get in return as sometimes you get what you pay for.

I personally specialise in finding mainstream solution for advserse credit cases, with typical fees ranging from £495-£995 depending upon the work involved in the solution. If then a mainstream product is achieved, in may cases it will save the client £3000-£5000 on the standard 6% fayre which is offered out there - but this all depends on your loan to value and personal situations.

Hope this helps, as with anything it will cost you nothing to have a chat with the broker and see what solutions they may have. It is critical though that you a) pay off the default/CCJ and b) do not let anyone credit search you until you are 100% happy to continue.

Good luck

ACG

£1k isnt an un-common amount.
Personally i know a lot of advisors who charge less than that but i also know some who charge £1k if not more.

You dont say how much the default is but this should be possible. I would suggest you do speak to a broker though even if its not the one your mate has recommended.

Senior_Paper_Monitor

£25,000 is a lot of 'home improvements' ? This will not be easy to place at 80% (better chance at 75% and probably a year after you have paid of the default).

Definitely broker territory this one.

Dave_Ham

Si2 wrote: »

I have £70,000 outstanding to pay, would like to borrow £95,000 and my house is worth £120,000. Currently with Chelsea Building Society.

This is achievable, needs a good specialist and may end up at a Building Society so your last 3 months bank statements will need to stack up and look strong...!

IE if your overdraft has gone from 400 overdrawn to 500 overdrawn to 1200 overdrawn in last 3 months it would not look good.

This is as mny of the Building Scoeities would manually underwrite your position...

Good luck

Si2

I sent Dave Ham a PM and got your reply thanks, but I can't reply to you for another hour because I'm a new member.

Just looking at my credit report and my CCJ says satisfied judgement, it says end date 26/09/07, what does that mean?

Dave_Ham

Thanks - I would suspect this is the date the CCJ was applied, as usually it shows you the entry date and satisfaction date.

The CCJ will stay on your credit file until exactly 6 years from the application date..

Si2

Dave_Ham wrote: »

Thanks - I would suspect this is the date the CCJ was applied, as usually it shows you the entry date and satisfaction date.

The CCJ will stay on your credit file until exactly 6 years from the application date..

Just looking at the CCJ info again, the date it was entered was 04/08/2006? I got my credit report last week, had I applied this week it wouldn't have been on there is that right? So in effect this will be no longer on my credit file?

Dave_Ham

Spot on, it can take Experian a couple of weeks to remove it but this is good news... the other date must have been the settled date.

What is the date of the default remaining?