Mortgage extension with satisfied CCJ

John313

hi all, new here and looking for some guidance, i currently have a mortgage on a 160k house with 58k remaining, i have a secured loan on the property of 20k from a bad credit lender (to extend house - now complete) as i also have a satisfied CCJ (1.5k), that was paid in full 3 months ago..

the mortgage has 8 years remaining and it costs me 690 per month. the mortgae is joint between myself and my father who is retired and has never contributed (just named on mortgage to help me get it)

i would like to extend the mortgage over a longer period as my partner and i are expecting our 2nd child and the monthly outgoing leaves us very tight at the end of the month. i am employed full time and earn 26k p/a.

my problem is, how do i extend the term with a CCJ (and about 4 defaults all under £400 from days where i wasnt as careful with money - im paying these off to debt collectors monthly) i dont beleive i would pass the credit check from mainstream lenders and am unsure about bad credit mortgages as they wont help reduce the monthly payments with the high interest rates. i also dont want my father to know about the CCJ as he is not very well and would just panick.

any advice would be greatly appreciated

harvey115

I think the only way forward for you would be to speak to your current lender.

I am not sure whether they would be able to help, since you will be requesting term extension. I think the lender will have to do another credit check in order to allow such things. However you might get lucky and they accept the term extension request by looking at your previous repayment history.

Best of luck.

Dave_Ham

So you have £58k outstanding on £160k?

If so, you will have solutions although a lot will be determined by exactly what is recorded on your Experian, Equifax and Call Credit reports - get the £2 stat files and put in front of a broker.

Additionally, what sort of rate is your mortgage currently on as this will be a consideration.

The values and date of the defaults and CCJ will be crucial. Do get the reports and a decent broker...

John313

thanks for the responses, i have a copy of my credit file, would you be interested in seeing it and giving some guidance? i was hoping to remove my fathers name and either go it alone or include my partner to as my father has no financial input now, nor has he ever.