First Time Buyer with CCJ

sterow16

Advice needed, me and my gf are looking to buy a property. She has a completely clean credit file and top score, i however have a ccj. The judgement date was 13/11/2012 for around 21k, currently being paid on a monthly basis. Would we still be able to get a mortgage somewhere and if so where best i am to look? Any advice would be much appreciated

ACG

Yes, but because of the amount and that it has not be satisfied, your options will be limited. I think you need a broker really as there could also be other issues, some lenders for instance will count the balance as a credit commitment where as others will just count your current payment as the commitment, which could make a huge difference to the affordability.

sterow16

Cheers for the reply. We are thinking of waiting to the new year the ccj will then be 4 years old. Will this make any difference at all?

ACG

It might do not, but it will depend on the rest of the case. If you are looking at 95% LTV then its unlikelt to make much of a difference, if you are looking at 85% or lower then it may, but probably not a massive amount.

Thrugelmir

sterow16 wrote: »

Cheers for the reply. We are thinking of waiting to the new year the ccj will then be 4 years old. Will this make any difference at all?

Where's the deposit coming from? Repaying the CCJ should be your priority.

Using the debt as an interest free loan won't do you any favours.

FairWorldCitizen

From my mortage adviser point of view, as soon as the CCJ will be satisfied then you will have room to demonstrate your finance grounds. This will need underwriting but you will explain this when applying and if possible you should obtain the certificate of satisfaction. If the CCJ is not satisfied then your profile is still unclear, whatever deposit/savings you present on the plate.

HCM

From a mainstream lender point of view, unfortunately you wouldn't stand a chance (I've been an Underwriter for 2 mainstream lenders). Your application would most likely be automatically declined however if it managed to slip through, an Underwriter would manually decline on review.

However as said before, other lenders may consider. I can't speak for every lender but going by personal experience, it would be a no go. Waiting until the new year will make no difference to decisioning.

David_White

HCM wrote: »

From a mainstream lender point of view, unfortunately you wouldn't stand a chance (I've been an Underwriter for 2 mainstream lenders)

Perhaps they wouldn't be approved with the two lenders you worked for but you don't know the criteria of all High St lenders and they vary massively when it comes to adverse credit.

I'd suggest the poster contacts a good broker nearer the time to ensure they don't rule out the possibility of a competitive deal.