Assess My Chances

RTW

Hi,

I am looking to purchase my first property. I have a few factors in my favour but a CCJ against my name. I want to know the extent to which this will prevent me (a) getting a mortgage and (b) getting a decent rate.

Property Price: £120,000
Deposit: £48,000
Loan: £72,000
LTV: 60%

Single applicant, £44,000 salary.

Credit File:

- CCJ £62 issued April 2011, satisfied November 2013 (wasn't aware and currently disputing but assume it stands).

- 1 other late payment back in April 2009, paid the following month.

- On electoral roll for past 4 years

- No current debt. Only credit I have is (a) phone contract (now over 10 months old). No late payments on this, (b) £2,000 overdraft - not used in 2 years.

- Had same current account for 9 years, same address over 3 years and current job 9 months

I have been researching mortgages/properties/credit files for a couple of months but haven't yet approached a lender.

Could anyone advise my best course of action? Are there some suggested lenders that i should approach and ones to definitely avoid?

Thanks

Dave_the_Ginger_Cat

I'd recommend a broker, as they will seek to place it with the best lender

And out of interest, the ltv is 60%, not 4o%

RTW

Thanks for the reply. I was hoping to avoid a broker but i guess in my situation it is probably advisable.

Yes, sloppy - have changed to 60%

chambta

Without the CCJ very straightforward but the recent satisfaction would suggest broker territory here.

ACG

Why would you hope to avoid a broker?

Dont see it as a cost, see it as an investment.

I am in the process of doing a mortgage for someone, they went to halifax and were declined. I have saved them about £1500 over 2 years (thats AFTER my fee!) so im happy, theyre happy they have a mortgage and for less than they were going to pay - and they dont have to do the work for it!

You should get a Mortgage, high street lenders may even be possible. If you want to avoid a mortgage broker, then you need to get on to the lenders websites and check criteria.