Credit availability after CCJ

dazzaofdagenham

D3xt3r5L4b said:

You shouldn’t borrow on your mortgage...

Why ?

Fighter1986

dazzaofdagenham said:

Interested in your thoughts on why we should wait....Bank of England’s interest rate is lowest ever and I really can’t see interest rates in the country at least going negative.

have sizeable equity yes and wanted to borrow extra for daughter going to university etc..

Oh, you've actually been given a formal offer of mortgage? 

Fighter1986

dazzaofdagenham said:

D3xt3r5L4b said:

You shouldn’t borrow on your mortgage...

Why ?

I think this is quite a sensitive and personal issue tbh. 

There are several schools of thought on whether it's a good idea to draw down on one's equity to support a child and the possible repercussions therein,but I think those discussions are outside the scope of this forum.

If Barclays have given you a formal offer of mortgage with the CCJ still showing, great. If they haven't yet, it's worth holding off the application until your credit history is clean.

That is, if you're sure this is the right thing to do taking all the potential risks and outcomes into account. 

dazzaofdagenham

Fighter1986 said:

dazzaofdagenham said:

Interested in your thoughts on why we should wait....Bank of England’s interest rate is lowest ever and I really can’t see interest rates in the country at least going negative.

have sizeable equity yes and wanted to borrow extra for daughter going to university etc..

Oh, you've actually been given a formal offer of mortgage? 

No...we haven’t been given formal offer......we checked files and decided to wait u TIL it drops off ( CCJ that is )

dazzaofdagenham

Fighter1986 said:

dazzaofdagenham said:

D3xt3r5L4b said:

You shouldn’t borrow on your mortgage...

Why ?

I think this is quite a sensitive and personal issue tbh. 

There are several schools of thought on whether it's a good idea to draw down on one's equity to support a child and the possible repercussions therein,but I think those discussions are outside the scope of this forum.

If Barclays have given you a formal offer of mortgage with the CCJ still showing, great. If they haven't yet, it's worth holding off the application until your credit history is clean.

That is, if you're sure this is the right thing to do taking all the potential risks and outcomes into account. 

I’d still be interested in your train of thought in regarding withdrawing money from house to support child.
thank you 

Fighter1986

It's just a very personal area, I have my personal opinions and everyone else has theirs.

Personally, I was raised in poverty by a disabled single mother in a rough estate in a backwards city and garnered no education during my childhood. Fast forward to the age of 33 I'm at today and I have no GCSEs or A levels but I do have 17 years experience in IT and have almost never been out of work. I'm currently studying an Engineering degree with OU and have so far obtained Distinctions across the board.

My OH and I will make sure out children don't have to experience anything like I have. We will move to a better area and OH is returning to the Naval reserves with a hope to giving BRNC another shot. If he can pass out as an officer we will be able to have our children educated privately largely paid for by the MoD. When I graduate from OU I'll look for MoD related engineering career paths too, I will automatically qualify for chartered status when I graduate which should help my career.

So long as I keep my knees in good nick all the while 😅💪

Why am I telling you all this? Background as to how we plan to raise our children. 

I can see how my life could have been made better being in a more prosperous environment when younger but having had to work for everything I am and have has left me with excellent strength and mettle. 

I am grateful for everything and expect nothing. I know I am entitled to nothing and have to work for everything I want. I take pride in helping others achieve the same - not through handouts, but through guidance to self sufficiency.

Therefore, I don't plan to garner our children with any impression that a grand comes for free. The streets taught us differently. If tragedy befalls them however I'll be here with a safety net. The safety net I never had. 

We'll do everything in our power to ensure they inherit a beautiful estate for their children and the family's continuance but I won't for one second let them take anything for granted. 

But thats my personal view based on my personal experiences, and you're 100% entitled to have your own views. After all, your life will have taught you differently. 

Fighter1986

In addition to the above, the world is rife with stories of the consequences of those who drew down a little too much on their equity:

https://forums.moneysavingexpert.com/discussion/6142852/blemain-finance-should-i-hang-my-coat-up#latest

dazzaofdagenham

Fighter1986 said:

It's just a very personal area, I have my personal opinions and everyone else has theirs.

Personally, I was raised in poverty by a disabled single mother in a rough estate in a backwards city and garnered no education during my childhood. Fast forward to the age of 33 I'm at today and I have no GCSEs or A levels but I do have 17 years experience in IT and have almost never been out of work. I'm currently studying an Engineering degree with OU and have so far obtained Distinctions across the board.

My OH and I will make sure out children don't have to experience anything like I have. We will move to a better area and OH is returning to the Naval reserves with a hope to giving BRNC another shot. If he can pass out as an officer we will be able to have our children educated privately largely paid for by the MoD. When I graduate from OU I'll look for MoD related engineering career paths too, I will automatically qualify for chartered status when I graduate which should help my career.

So long as I keep my knees in good nick all the while 😅💪

Why am I telling you all this? Background as to how we plan to raise our children. 

I can see how my life could have been made better being in a more prosperous environment when younger but having had to work for everything I am and have has left me with excellent strength and mettle. 

I am grateful for everything and expect nothing. I know I am entitled to nothing and have to work for everything I want. I take pride in helping others achieve the same - not through handouts, but through guidance to self sufficiency.

Therefore, I don't plan to garner our children with any impression that a grand comes for free. The streets taught us differently. If tragedy befalls them however I'll be here with a safety net. The safety net I never had. 

We'll do everything in our power to ensure they inherit a beautiful estate for their children and the family's continuance but I won't for one second let them take anything for granted. 

But thats my personal view based on my personal experiences, and you're 100% entitled to have your own views. After all, your life will have taught you differently. 

Thank you for your story....truly inspiring.
my story is much the same, as a child leaving school in late 80’S from the east end of London I can tell you I had nothing at all.... no exams to my name....by my early 20’s several of my friends were dead because of drug use.....I  managed to stay away from all that and proceeded to have several jobs and studied IT ( I stole the books )...

as I am now in my early 50‘s.....with 2 teenage daughters.....one of which is doing a aviation course and wants to go university....how on earth is she gonna afford that ?

Loans ?.....grants ?.....

im happy to borrow money from my house and give her the chance at university....a option that I could never have had.....I can only look forward to that day at the end of her course when I can be a proud parent in the crowd and knowing I gave her my best.

the money ?   Totally irrelevant 

Fighter1986

Equally inspiring  

It sounds like your choices are very noble. .

I wish you and your daughter every success 👍

You ever read Kevin Mitnick? 

dazzaofdagenham

Fighter1986 said:

Equally inspiring  

It sounds like your choices are very noble. .

I wish you and your daughter every success 👍

You ever read Kevin Mitnick? 

Thank you for your comments...

who are we as adults if we cannot do our best for our children.

no not heard of Kevin mitnick