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Please help - big deposit fair credit
laj3101
Posts: 2 Newbie
Hello - please help. Am really worried as am trying to get a mortgage jointly with my partner, just been declined by Barclays. Deposit is £100k, house is £210k so good loan to value ratio. I have CCJ from 2009 and default account from 2009. Currently we both live in rented accomodation.
CCJ was for £273 - after this morning I realise that although was paid and balance owed is 0 - I need to get the court to apply a certificate of satisfaction. This is in progress, I double checked its all paid and it is.
Default was a credit card which i got into difficulties with as I had an outstanding balance which I had no hope of paying off as could only afford minimum payments and therefore this woudl never have been paid. To deal with this, I asked capital one to close the account so that no further interest could be accrued and made a payment arrangement with them (again in 2009 Aug). This now shows as default on my credit report. I agreed with capital one to close the account, and repaid the whole balance within one year (so by 2010 Aug) once the interest had stopped being accrued.
We have been refused a mortgage by Barclays. Please advise if you can on the liklihood of getting a mortgage with my history as above, and the loan to value ratio.
I am really worried as it looks like I cant be on the mortgage at all, and to change that in the future will cost thousands in legal fees.
Your help woudl be massively appreciated, I'm so worried about what to do.
CCJ was for £273 - after this morning I realise that although was paid and balance owed is 0 - I need to get the court to apply a certificate of satisfaction. This is in progress, I double checked its all paid and it is.
Default was a credit card which i got into difficulties with as I had an outstanding balance which I had no hope of paying off as could only afford minimum payments and therefore this woudl never have been paid. To deal with this, I asked capital one to close the account so that no further interest could be accrued and made a payment arrangement with them (again in 2009 Aug). This now shows as default on my credit report. I agreed with capital one to close the account, and repaid the whole balance within one year (so by 2010 Aug) once the interest had stopped being accrued.
We have been refused a mortgage by Barclays. Please advise if you can on the liklihood of getting a mortgage with my history as above, and the loan to value ratio.
I am really worried as it looks like I cant be on the mortgage at all, and to change that in the future will cost thousands in legal fees.
Your help woudl be massively appreciated, I'm so worried about what to do.
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Comments
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How much was the credit card default for?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Hi - it was for £1700 - thanks!0
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Speak to a broker. There are lenders who would consider the adverse credit an your deposit will be a big help.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Deposit is £100kI had no hope of paying offIt was for £1700
Strange how life's path can change. Good luck getting the mortgage sorted. You'll probably pay thousands more for it though.0 -
Presu ably gift or inheritance, in terms of social mobility we seem to be getting back to the Edwardian age.0
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