Adverse

bluey1406

Hi,

I'm new to the boards and I can see that this question has been asked a number of times so I apologise in advance, but every situation is unique as they say, so I was hoping to get an idea about who might be prepared to offer me a mortgage.

Our situation is that we have no current defaults but 1 CCJ from almost six years ago which is settled and one in my name only from 2 years ago and isn't settled.

We have some credit cards which all have good payment histories since opened and no unsecured debt showing any missed payments in the last six years (total debt around £5k)

We have 3 missed mortgage payments on residential mortgage (1 month late x 3 months) last late was recorded February 2016.

Similar situation on a buy to let mortgage but last late was recorded in September 2015.

We have a joint income of £70k and can provide a 15% deposit as a minimum (could go to 25% if we needed to). Looking to buy at £350k max but prices vary quite a lot in our area depending on location so could end up buying under £300k.

I know that we will probably need to engage a broker but just wanted a few words of advice (and hopefully reassurance that we are not a lost cause!)

Many thanks :-)

David_White

On basic info I would say this is possible but naturally it'll come down to the finer details.

Depending on the exact detail you wouldn't necessarily have to suffer a horrendous rate either.

bluey1406

Thank you - what would the "finer detail" need to include?

David_White

You'll want a broker to look at your credit reports to get an exact idea of things such as the size of the CCJ's etc.

Your bank statements could also play a part as a lender isn't going to want to see returned DD's, bank charges, excessive betting etc.

bluey1406

Ok great thank you - the more recent CCJ was for £6k which is a bit of an "ouch" i know..I will make sure bank accounts are looking peachy before we apply, although the only issue is that we run an overdraft but only for £1k although this is likely to be repaid over next month or two. The only other issue is that i have only been in my job since September (was a mature student before hence the poor financial record!) Its a stable job with the Local Authority though and not subject to any probationary periods.

David_White

Those are the type of "finer details" that will help your broker make their assessment

bluey1406

I have been looking at Precise lending criteria and it looks as though we would meet this? I'm just a little confused over the late mortgage payments....Precise say 1 in 12 months and no more than 3 (max status) in 36 months. Does that mean that you can be up to 3 months late in one 3 month period or that you can have been 1 month late on 3 occasions? Or that you can have been up to 3 months in arrears that might have dragged on for say a year, but provided you have been up to date for at least 12 months it's acceptable? I'm a little confused as you can probably tell lol!

Thrugelmir

Asked rhetorically. What haven't you settled the CCJ? As says much about you as potential borrowers.

bluey1406

Thrugelmir wrote: »

Asked rhetorically. What haven't you settled the CCJ? As says much about you as potential borrowers.

I don't have the money to repay it in full at the moment. I am repaying it monthly. I could potentially borrow from family to repay it if that is the difference between getting a mortgage or not. We are also considering selling now and renting for 6/12 months (paying it off from proceeds), but I'm worried that could make our credit worthiness look worse as there will be no recent mortgage payment history; I don't know if that matters or not.

David_White

I would suggest getting some expert advice outside of this forum as by going directly to the likes of Precise you could end up paying literally hundreds if not thousands of pounds extra in mortgage interest.