Moving home with bad credit

Pingu123_2

We currently have a mortgage of 105K and need a bigger home.

My husband has poor credit history and 1 CCJ although that is now settled.

What are our chances of being able to move, either with the same mortgage amount or slightly more. We have approx 25K to put down on another property.

I am employed and earn 30K he is self employed and last years earning approx 8K - we also have 2 children.

Should we see a mortgage broker or go direct to our current lender?

I should add my credit history is ok.

Dave_Ham

Possible, but dependent upon the detail.

When was the CCJ issued and for how much is key, as is what your recent core, bank account control and management looks like..

Conrad

If his credit is poor it's unlikely any mainstream lender will entertain a mortgage with his name involved. If you want a joint mortgage there are a handful of adverse credit lenders but bare in mind they will likely want to see last 3 or 6 months Bank stats to see account conduct.

My instinct would be for you to explore the single name option.

Pingu123_2

CCJ was issued 5 years ago for 5K and will come off his record next year.

He does also still have some outstanding debts approx 4k, I dont have any.

Would I get a mortgage on my own income alone?

Dave_Ham

The date certainly makes this achievable as a joint application (and not on silly high rates necessarily) and a sole application should not be taken lightly, especially as deposit source is under such review by lenders understandably.

You need his Experian, Equifax and Call Credit files and a sensible broker and they can talk specifically and formally about this.

Good luck

Conrad

Pingu123 wrote: »

CCJ was issued 5 years ago for 5K and will come off his record next year.

He does also still have some outstanding debts approx 4k, I dont have any.

Would I get a mortgage on my own income alone?

A single name mortgage is often the way of such problems but it depends how much you want to borrow.

As I say there are some sub prime lenders but the rates are not the best.

Some brokers suggest a ccj might not show on one credit ref agency but only on another but I find this a risky way to go because lenders can make further checks and discover it after all and in any event not disclosing the bad debt would be fraudulent.

How much are you wanting to borrow.

Pingu123_2

Thanks for all the responses....I think we need to gather some facts together and see whats possible.

Pingu123_2

I was looking at keeping the mortgage the same amount and hence why we were thinking of approaching current lenders, or an increase of about 10K....we are trying to be realistic on what we may / maynot be able to get