Mortgage Advice Please

mccorms_2

Hi all

I have never posted before so please bare with me. I know there are similar threads to this but thought i would do it as an individual to get good advice, you all seem so knowledgeable.
I was wondering what my chances are of getting a mortgage with CCJ's. The debts are pretty old about 3/4 years but we never actually paid them off, naughty I know but at the time we just moved and kept a low profile. Now we are both in work and earning a good wage, hubby earns 29K a year and i earn 18k He has a bank account and a credit card which are not in any kind of default but because my debt was the worse I didn't get another bank account so haven't got anything in my name, I should mention the debt was in my maiden name not my married name. I am on the electoral roll but he is not. Whats the chance of getting a mortgage these days with this kind of history? We want to buy a shared ownership house so are looking to borrow 100k should we try a mortgage broker or do you think it is pointless because the CCJs were not satisfied. Thanks everyone;)

NatashaP

We have a satisfied CCJ from 2004 and because of this we were unable to get a 100% mortgage, if thats of any help? I'm sure someone with more knowledge than me will be able to offer more advice though!

NatashaP

NatashaP wrote: »

We have a satisfied CCJ from 2004 and because of this we were unable to get a 100% mortgage, if thats of any help? I'm sure someone with more knowledge than me will be able to offer more advice though!

Just realised you said 100k not 100% - ooops! Sorry!

luckyfool

mccorms wrote: »

Hi all

I have never posted before so please bare with me. I know there are similar threads to this but thought i would do it as an individual to get good advice, you all seem so knowledgeable.
I was wondering what my chances are of getting a mortgage with CCJ's. The debts are pretty old about 3/4 years but we never actually paid them off, naughty I know but at the time we just moved and kept a low profile. Now we are both in work and earning a good wage, hubby earns 29K a year and i earn 18k He has a bank account and a credit card which are not in any kind of default but because my debt was the worse I didn't get another bank account so haven't got anything in my name, I should mention the debt was in my maiden name not my married name. I am on the electoral roll but he is not. Whats the chance of getting a mortgage these days with this kind of history? We want to buy a shared ownership house so are looking to borrow 100k should we try a mortgage broker or do you think it is pointless because the CCJs were not satisfied. Thanks everyone;)

Unsatisfied CCJ's will certainly have a bearing on the available mortgage options for you. I would certainly look at getting back in touch with your creditors and either paying them off in full or making arrangements to pay them off over a number of months. This is unlikely to make a significant difference to the available mortgages just now, but gives you a good chance at a high street rate in a couple of years when re-mortgaging or if you start looking again then.

The ccj's are likely to rule out any high street lenders in the immediate future unless you are putting down a big deposit, and the sub-prime/credit repair sector does not have many lenders who operate in the shared ownership field. I am aware of two, Preferred Mortgages and Blemain Finance. I would exclude the 2nd as they are ridiculously expensive. Preferred will lend up to 100% of the share and are only going to be accessible through a broker. Your first port of call should be a good whole of market broker who can give you some specific guidance.

cheers