I have a CCJ but a good credit rating... will I get a mortgage?

xlaniex

I have applied for a mortgage with my husband but I have a CCJ I declared this before applying to my mortgage advisor at lloyds.


We credit scored together as an A (which I believe is the best) but as I have a CCJ it has been sent to an underwriter.

I have paid the CCJ in full and I am waiting for a letter to take to the court for a letter of satisfaction.

Other than this my credit history is fine and I am very good with money, it's just something I made a mistake with at a young age.

Will our application be accepted? Help!

ACG

What is the loan to value of the purchase? (ie deposit and purchase price).
How much was the default?
When was it registered?

This will help to determine if it meets criteria (not that i know lloyds criteria but someone might).

Dave_Ham

Depending upon value of CCJ value, my opinion is that it is unlikely to meet lloyds criteria.

Issue is that for the advisor in branch it is a shot to nothing, not like he/she can apply elsewhere.

That said, depending upon the detail the CCJ may not be a dealbreaker..

All the best

xlaniex

We have a 10% deposit of £15,000 however we are hoping to agree a price of £140,000 but still put the £15,000 deposit down.

The default was registered in 2010 for an amount of £1300 and I finished paying it off yesterday. As we didn't think we would have the money for at least another year I was hoping for it to have been settled way before we looked at getting a mortgage.

The advisor said she would have no problem accepting us but as I have declared the CCJ it would have to go to an underwriter.

Thanks for your help

Thrugelmir

xlaniex wrote: »

The default was registered in 2010 for an amount of £1300 and I finished paying it off yesterday.

You would have been better advised to use your savings to clear the CCJ earlier. Having a CCJ recorded against you is extremely negative. So despite what you may think. This will have an extremely detrimental effect on how any business will view you when it comes to financial matters.

A squeaky clean credit record for the foreseeable future needs to be your priority objective now.

maninthestreet

You took 27 months to pay off a CCJ for only £1300, but have had savings of £15,000 available??

xlaniex

It's all a bit out of the blue as the money was gifted to us. Hence why I am asking the question.

I would of liked to have been in a better position by time we were originally looking at going for a mortgage.

The CCJ was actually paid off in 12 months also, but I only found out yesterday that the court charges had not been paid so I had to do this to settle. I was under the impression it was all finished some time ago as I has paid the money owed in full.