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Big deposit but bad credit!

stmartin_2
stmartin_2 Posts: 15 Forumite
in Mortgages & endowments
Hi all,

I am looking to buy a bigger house, I am currently motgage free with a property worth £160,000 but due to my expanding family I would like to purchase a larger house due to kids having to share rooms.

The House I would like to buy is £280k so I would require a mortgage of £120,000 and my salary is £45k whils wife earns £20k.

Obviously this all sounds great but after a break up years ago I have a CCJ which I have only just found out about that is 2 years old and a couple of defaults on a phone and next account (stupidly forgot to change names and address on accounts and only became aware far to late).

Have I got any chance of a mortgage and if so could I get one for a sensible rate?

Thanks very much

Martin
«1

Comments

  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    Talk to a broker. I wouldn't have thought so with such a recent CCJ (is it satisfied?) but good luck with your hunt.
    Thinking critically since 1996....
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What were the dates and amounts of the defaults and CCJ?

    Broker definitely the way to explore this
    I am a Mortgage Adviser
    You 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.
  • ACG
    ACG Posts: 24,897 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    At that LTV I would be pretty confident you can get a mortgage. Definitely one for a broker, but there may be high street lenders who would consider it.
    I am a Mortgage Adviser
    You 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.
  • stmartin_2
    stmartin_2 Posts: 15 Forumite
    The CCJ is for £2500 and is unsatisfied (I am trying to work out what to do about it as it is wrong and I do not owe it, im guessing it is to late to do anything about it now though)?

    The defaults are £140.00 and £61.00(which is on twice for some reason!)
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What were the dates of CCJ and defaults?
    I am a Mortgage Adviser
    You 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.
  • stmartin_2
    stmartin_2 Posts: 15 Forumite
    The default of £140 was in 2010 the £60 was 2012 and the ccj says 2011.

    Thanks for the help guys
  • stmartin_2
    stmartin_2 Posts: 15 Forumite
    If I could secure a mortgage would I be looking at high interest?
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    You would be looking at marginally higher than high street, although probably not as high as you fear.

    This will come down to the extreme detail though, so worth obtaining your Experian, Equifax and Call Credit reports in advance of engaging a decent broker.

    Good luck
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • stmartin_2
    stmartin_2 Posts: 15 Forumite
    Thanks for your help, is there anywhere I can look to find out who is a good broker? probably sounds like a daft question but in the past I have been able to just speak to the high street lenders myself.

    thanks again
  • ACG
    ACG Posts: 24,897 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Friends/Family?

    General consensus seems to be to avoid estate agent based brokers.
    I am a Mortgage Adviser
    You 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.
This discussion has been closed.
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