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Mortgage application with 1 CCJ
stellalad
Posts: 16 Forumite
Hi, I am looking at applying for a 75% mortgage, my "credit score" is decent according to experian (997), no late payments in 4 years, lower use of credit available and no defaults. However I had a CCJ from 2010 for just over £1000, I added a notice of correction as I was going through a bit of a difficult time, this was settled in 2011 is is marked so accordingly. I am earning in the £70-80k bracket and am looking to borrow round £140k. I spoke to a financial advisor and was told I might find it difficult now as the rules on lending were tightened up in April. How much tighter has it got and would I require a bigger deposit in order to secure the mortgage I require?
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Comments
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The financial adviser did not know what he/ she was talking about.
Based on what you have said here this is easily placeable via a decent mortgage broker.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.0 -
Thanks for that, would the interest rates that are offered be reasonable high street rates or the high end or the sub prime?0
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You may get a high street rate, but should not have to pay above 3.5 %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.0 -
How much deposit do you have?
Have you settled the CCJ? Who is the CCJ in favour of?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 -
I'll have a 50k deposit through the sale of my current property, the LTV will be slightly less than 75%. The CCJ was settled back in 2011 about 1 year after it was made against me in 2010, it is showing as settled from that date on my file.0
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Based on what you have said there will be a mortgage for you.
May need a new broker though if the one you have isn't confident.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 -
The MMR changes are all about outgoings and affordability.
Nothing has changed related to adverse credit.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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