Mortgage application with almost expired CCJ

VultureDodger · 20 June 2015 at 1:42PM

Hi guys

Is it possible to get some advice from you lovely people, please? This is a bit of a long one - sorry about this.

Hubby and I are looking to move next year and timing is a bit of an issue as we're hoping to coincide it with our eldest going to secondary school, as we will be starting to look at schools in September and will be moving from one end of town to the other.

A quick bit of history first: we owned a small, pretty successful business back in 2007 which died on it's backside during the credit crunch and we struggled with personal financial difficulties for quite a while afterwards. We avoided bankruptcy and managed the mortgage ok (we went into arrears with them for a bit, but pulled it back and have been clean with them for a number of years now), but hubby did pick up a CCJ for a credit card and we both had a few defaults. The defaults will expire from our files within the next few months, but the CCJ is valid until June 16. We're currently going through the process of paying it off in full and will hopefully have done so within the next month or 2. Hubby is now in a good job and I'm in the process of going from being self employed to finding part time employment. We've found a new build development that we really like and I'm thinking of starting the ball rolling in March/April '16, with a view to moving during the summer holidays.

With these things in mind, I have a few questions:
1) Will a mortgage lender baulk at the CCJ? It'll have been paid in full for around 7 months and will be 3 months away from dropping off our credit file. Will we be ok, or should we wait until it drops off?
2) I've read a few different guides about mortgages and credit files, but it doesn't mention about repayment of overpayments of working tax credits. HMRC made a real mess (Grrr!!) of our WT credits and we're on a payment plan, which we will mention in our expenses section of our application, but does it effect our credit rating or application? I was almost relieved when we were told that we now earn too much to qualify - more flipping hassle than they're worth!
3) We spoke to a financial advisor a few months ago, but he was pretty much 'chocolate teapot' when it came to dealing with our particular circumstances. I'm going to go ahead and assume that it will be a good idea to employ the services of a mortgage broker. Should we get one who specialises in adverse credit, or a regular one? And is it advisable to go for a local one, or an internet based one? Do you have any tips on finding a good one (I don't like the idea of the one being shoved under our noses by the builders!)

Thank you I advance for any help you can give

Teqpro · 20 June 2015 at 2:01PM

Hi, theres no need to rush as you are buying a 25 year investment, just wait till July 2016 and buy your dream home.

VultureDodger · 20 June 2015 at 2:57PM

I'm just a bit worried about the school situation. I want to get her into a good school and not being in the catchment area when we apply might barr her from getting in.

Also... I'm so impatient! Once I get my teeth into something, I get a bit blinkered lol.

Will it make much difference to whether we're accepted and/or the repayment terms?