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Mortgage with CCJ?!?!?

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Katielou14
Katielou14 Posts: 13 Forumite
Fifth Anniversary Combo Breaker First Post
in Mortgages & endowments
Hi, myself and my husband have recently moved in with parents in order to save for a deposit for a mortgage. My husband was self employed up until July last year, and as a result of his self employment we got in a little bit of debt.

My husband has a CCJ of £3000 unsatisfied from 2013.

We haven't been to see a mortgage advisor as yet but I'm just wondering if anyone could tell me what our chances are of obtaining a mortgage once we have a deposit, hopefully in about 12 - 18 months time. We have 2 small children so we would really love to be able to get our own house as soon as possible! :)

Thanks.

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Settling the CCJ would a good start.
  • pollydollydoodah
    pollydollydoodah Posts: 73 Forumite
    I think once it's paid, there are lenders from 3 years.....As I asked this question recently but our ccj was paid and its almost at 6 years.

    We saw an independent broker who gave us info and we are just waiting now for the 6 years to be up and rebuilding our credit history.
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    This is a sizeable CCJ and if you apply in the next couple of years you should expect to have to put down a 15% deposit.
    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.
  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    Potentially options available now as well as 12-18 months but don't expect a High St rate.

    Settling the CCJ wouldn't necessarily be a requirement to all lenders but certainly would make you more attractive as a borrower.
    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.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Katielou14 wrote: »
    Hi, myself and my husband have recently moved in with parents in order to save for a deposit for a mortgage. My husband was self employed up until July last year, and as a result of his self employment we got in a little bit of debt.

    My husband has a CCJ of £3000 unsatisfied from 2013.

    We haven't been to see a mortgage advisor as yet but I'm just wondering if anyone could tell me what our chances are of obtaining a mortgage once we have a deposit, hopefully in about 12 - 18 months time. We have 2 small children so we would really love to be able to get our own house as soon as possible! :)

    Thanks.

    You could settle it before buying which would be recommended.

    You don't have to but....as you would soon own an asset the creditor could get a charge against it and enforce payment. It's unlikely they would force a sale but they would eventually get their money.

    I'd save up as much as you possibly can so you can choose from the widest range of mortgage providers possible.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • chelseablue
    chelseablue Posts: 3,303 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I would settle the ccj.


    My partner had a default for £900 in 2011, settled in 2103 and we complete on our house purchase this week.
  • Katielou14
    Katielou14 Posts: 13 Forumite
    Fifth Anniversary Combo Breaker First Post
    Thanks very much for all your replies. We do plan on paying off the CCJ before we start saving for a deposit.

    Just wanted some advise as we have felt like we had no chance of getting a mortgage because of the trouble we had got into.

    All info I've seen states we would need miniumn of 15% deposit... going to take us quite a while!!

    Thanks again.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Katielou14 wrote: »
    Just wanted some advise as we have felt like we had no chance of getting a mortgage because of the trouble we had got into.

    There's always a chance. Up to you to put the hard work in. If you want to achieve your dream.
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