Barclays lending criteria

Smevchenko

Hello,

We have made the decision to move back in with parents for 6 months in order to be able to apply for a mortgage without any debt.
Currently between us we have £2.2k on C/C's which will be paid off in the next 2 months. I have one satisfied default that will drop off in December.

This is Barclays lending criteria:

County Court Judgements (CCJs/defaults)
Adverse credit as detailed below must be declined:
Any unsatisfied CCJ
More than 1 satisfied CCJ and the latest is registered within the past 3 years
Satisfied CCJs totalling more than £200 and the latest is registered within the past 3 years
More than 3 satisfied defaults* and the latest is registered within the past 3 years
Satisfied defaults* totalling more than £200 and the latest is registered within the past 3 years
Any outstanding default, irrespective of amount
If it is identified that a limited company, in which an applicant has greater than 15% shareholding, has any outstanding judgements totaling more than £5,000.
*Includes partially settled defaults which will be referred out to check whether full and final settlement has been made

I also have a paid CCJ of £1,056 which is dated Sep 2014.

Am i correct that according to the above criteria this will be fine as we will be applying more than 3 years after the registered date of the CCJ?

We are looking at Barclays as we would like to do the springboard product which best suits our position. We wont be able to save up 5% for a deposit that would potentially open more options. We will have money for fees etc, but finding an additional £8-10k for 5% would be too much.

Based on the criteria and the fact that we will have a clear credit file other that the CCJ, would you expect Barclays to be a viable option?

YHM

Is it purely the Springboard you are after?

There are other lenders out there that do the same kind of thing....

Smevchenko

YHM wrote: »

Is it purely the Springboard you are after?

There are other lenders out there that do the same kind of thing....

I have yet to see another lender that offers a similar product, certainly with rates lower than 3%.

What other lenders are you referring to?

YHM

Apologies disregard my previous post. I was more looking at it from using family income perspective. If its about the gifted / retained deposit from family, then ok.

The criteria is what it is. You can interpret it as layman and you would fit, but from my perspective, realistically, with the adverse you have, I wouldn't expect Barclays to offer you in theory a 100% mortgage.