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Ccj, default and want a mortgage?
LolStevo
Posts: 548 Forumite
After some stupid decisions in the past when I was at uni then out of work I have a 4 year old default for 2k and a 4 year old ccj for 4k.
I want to buy a house as I have been stable in work for 3 years and now earn an OK wage- 22,600 plus 3430 car allowance and also have a pay review at the end of the month.
However I don't know if it is even worth looking at applying for a mortgage? I am now on the electoral roll as I didn't realise I hadn't been for a few years as I have had to move a couple of times in the last couple of years.
Do I wait it out until the debts are paid and off the credit report? My mortgage on the house I'm looking at would be half of what I'm paying in rent and il be on the property ladder.
I don't know where to start!
I want to buy a house as I have been stable in work for 3 years and now earn an OK wage- 22,600 plus 3430 car allowance and also have a pay review at the end of the month.
However I don't know if it is even worth looking at applying for a mortgage? I am now on the electoral roll as I didn't realise I hadn't been for a few years as I have had to move a couple of times in the last couple of years.
Do I wait it out until the debts are paid and off the credit report? My mortgage on the house I'm looking at would be half of what I'm paying in rent and il be on the property ladder.
I don't know where to start!
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Comments
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Start with a good broker who specialises in adverse credit.
It's not necessarily impossible, particularly if you have a hefty deposit, but it certainly won't be straightforward.
Presumably the defaults are now settled?0 -
The default isn't settled as I'm paying it by a payment plan so it won't be settled until Iv paid it all off?0
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I would clear those before looking at a mortgage. Lenders will be concerned that you haven't yet paid off old debts, yet have (presumably) saved a deposit.0
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I didn't see it that way, I think that will be the best bet for me now to pay everything off.0
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A mortgage is likely to be possible now so it boils down to how soon you want to purchase a property... now or in 2-3 years?I am a Mortgage BrokerYou 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
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