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Mortgage with a CCJ

Marcus1991
Marcus1991 Posts: 42 Forumite
in House buying, renting & selling
Hello, new to the forum today :)

Me and my partner moved into my parents house, after renting for 10 months, to save for a mortgage.

Nearly 2 years later we have £14,000 saved up, and by January we will have £18,500 approx.

We are looking to buy a house for £140,000 with a 10% deposit, so mortgage of £126,000.

Problem is, my partner has a CCJ, and it will have been set against her 3 years in January, it has been satisfied for over 2 years.

My question is, has anyone been in our situation before and what was the process like to get a mortgage?

Thank you, Marcus.
«1

Comments

  • Guest101
    Guest101 Posts: 15,764 Forumite
    Same as any other, your rates will be higher and some lenders wont lend to you, but otherwise it's no different
  • bob_bank_spanker
    bob_bank_spanker Posts: 559 Forumite
    A relative got a mortgage in very similar circumstances, 3 year old CCJ settled 2 years ago, and the loan was 90% LTV. The CCJ was for a relatively small amount. Speak to a good mortgage broker.
  • Marcus1991
    Marcus1991 Posts: 42 Forumite
    edited 20 July 2017 at 3:10PM
    Thank you guys, great advise.

    Would you recommend getting things in motion now, or would you wait closer to the time?

    Thanks, Marcus.
  • ACG
    ACG Posts: 24,911 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I dont think you will necessarily have to pay higher rates. As it has been satisfied, with a 10.1% deposit I have placed a few of those this year with a high street lender.

    No guarantees or anything, but I would not rule it out. Speak to a good broker and you have a decent chance.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • ReadingTim
    ReadingTim Posts: 4,087 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Marcus1991 wrote: »
    Thank you guys, great advise.

    Would you recommend getting things in motion now, or would you wait closer to the time?

    Thanks, Marcus.

    Speak to a broker now to get a realistic idea of what you can borrow and what it's going to cost, especially when added to current outgoings. Otherwise you risk disappointment when you find an ideal property, only to work out later that you can't afford it.
  • Marcus1991
    Marcus1991 Posts: 42 Forumite
    Sounds like a good plan :)

    I've had a look at Halifax's calculator and with our wages and bearing in mind our out goings, we can borrow £180,000, so i think £126,000 is quite realistic. Would our borrowing amount be limited with the CCJ?

    We have a family friend who is a financial advisor/broker so hopefully could help.
  • Kidder81
    Kidder81 Posts: 98 Forumite
    Fifth Anniversary 10 Posts
    If your partner has been with their back for a number of years, they'd be my first port of call.

    Same situation for me. I went to my bank of 25 years (Lloyd's) and got the normal rates.
  • Kidder81
    Kidder81 Posts: 98 Forumite
    Fifth Anniversary 10 Posts
    Sorry, bank!
  • The_Real_Cheddar_Bob
    The_Real_Cheddar_Bob Posts: 542 Forumite
    Seventh Anniversary 500 Posts Name Dropper Photogenic
    I have a mortgage on a property i bought for £140,000, with a £23k deposit. I was declared bankrupt. My lender is accord mortgages (Yorkshire Building Society)

    Good luck
  • Marcus1991
    Marcus1991 Posts: 42 Forumite
    Thanks everyone,

    I have got a mortgage advisor looking into it now. Ive sent off mine and my partners credit file from Experian and Noddle as he requested.

    Out of curiosity I've been on Halifax's website and got an AIP. Although, I'd rather have a secure mortgage agreement before I looked at houses given the circumstances.
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