Mortgage with Satisfied CCJ.

CJohn65

Hey guys!

I've just reserved a new build property, which all came out of nowhere really as I was building up my credit due to a reckless past with money!

I've had an AIP with Halifax a few weeks back which helped ease my mind, but the more I read threads the more I'm worrying about this - so maybe some good news stories will help.

I've got a CCJ of £671, satisfied for over a year now and 3 years old, plus a few satisfied defaulted accounts from like 2014 left to drop off.

We are looking at Help to Buy Equity Loan so effectively we have 25% deposit in lenders eyes I guess? Partner has excellent credit history also

WILL I BE OKAY!!

iaink

I’d say the help to buy equity loan does look like £25,000 in the lenders eyes as far as it’s security for them.

It doesn’t look quite as good as if you’d managed to budget and save such a sum entirely yourself though.

At least the CCJ and defaulted accounts defaulted some time ago so you probably have quite a few options open to you.

Halifax is a gamble perhaps but if a mortgage broker found something for me (more recent defaults and not all satisfied) then you should have no major problem as long as everything else checks out.

CJohn65

Oh, that’s great news that they managed to place you!

I’m sure it will be fine just everything you read just makes it seem like you’ll never get credit again!:rotfl:

iaink

Just bear in mind that your credit file only holds 6 years of history, so if you have some adverse but turn it around then it’s just a matter of time until everything is fine again.

Reasons behind your adverse can help appease lenders concerns as well. There’s a massive difference between splitting up with your partner and becoming a single parent vs. deciding I’m off to the casino/pub until all my cards are maxed.

It’s not a case of waiting a full 6 years either really. As long as you keep some credit lines active like utilities, phone contract, credit cards, and you pay them all flawlessly it will build back up to a good level a year or two before the adverse falls off.

Most importantly if you let everything fall off and maintain perfect credit usage again then you will have an excellent rating once more after 6 years.

[Deleted User]

Yep, very often the reason can help the decision making.

If it was registered over 3 years ago, and you've had nothing else bad registered - you're no longer FCA credit impaired. There should be quite a few lenders that can help.

Help To Buy is harder to place - as not all lenders do it, so you're looking for 2 points - a lender that does HTB AND is ok with adverse.

If you are rejected by Halifax, I wouldn't be too concerned if that's your only adverse.

You may have to go elsewhere (and pay slightly more) but it should all work out in the end

CJohn65

Just for anybody that was reading this, ended up going with Kensington Mortgages as Halifax were fussy on deposit amounts with Help to Buy.

Got my mortgage offer today, was very straight forward and we are exchanging later this week.

Just don't lose hope if you're wondering about your circumstances, you can't put a price on a good broker.

MsGeorge88

Congratulations!!