Barclays mortgage with a CCJ

Mishelski

I have a CCJ for £297 registered three years ago which I satisfied 2 years ago. I am a FTB using HTB and I started a new job 3 months ago. I have received a AIP from Barclays and my MA has submitted an application yesterday. 

I'm very nervous as I'm trying to borrow the maximum I can afford on my salary at 4.5x. What's the likelihood that I'll be accepted/rejected
Any advice or experience would be great

Thrugelmir

Your MA  is in the best position to advise you. As they should have placed your mortgage application with the most suitable lender.  

Mishelski

Sadly my MA haven't been that great. They put me with Nationwide who down valued the house. Then they said they would put me with precise mortgages which I thought seemed weird for only having 1 CCJ. So I got a DIP with Darlington through another broker. The affordability came back lower than I needed and I had an awful experience with the broker so I went back to my previous broker and they tried with precise to get a DIP but they came back with lower affordability. The weird thing is, I'm saving 1k a month at the moment and have very little expenditure so I'm not sure why my affordability is a issue? 

Anyways after my MA said there is no other options for me, I went and found myself a DIP with Barclays and passed it to my MA. So in all, I feel like my MA are not helping me the way I would expect them too. 

csgohan4

DIP is no indication of mortgage suitability, seems like several brokers have come back with the same theme, seems affordability is your issue potentially and changing brokers so many times and having so many DIPS may affect your credit history as well.

My broker applied for DIP just before the application was put in. 

Thrugelmir

Besides the CCJ what else could be influencing potential lenders. Not just affordability that counts. 

Mishelski

Thrugelmir said:

Besides the CCJ what else could be influencing potential lenders. Not just affordability that counts. 

My credit file is pretty basic, I have 2 bank accounts with no overdrafts. 1 credit card that I'm not using. Utility company for my internet. I have had no missed payments or late payment on anything over the past 6 years. I had a credit search last November for a bank account. 

With regards to my affordability, I really don't see it as a problem. I'm saving 1k a month and the mortgage payments would be an extra £300 max, I don't eat out and I don't drink. 

The feedback from the lenders have been that the CCJ puts me in a higher risk and therefore reduces my loan amount. Apart from nationwide who were happy to lend the full amount pending valuation. 

[Deleted User]

a CCJ is only registered if you do not pay the Judgement within 28 days. So by having a CCJ you did not pay. Or was transient with addresses so did not pay as it didnt catch up with you until after 28 days etc. All screams to problems to lenders who will decide to take the path of least resistance and lend a lesser amount to be on the safe side. 

tervozina

Banks count affordability on a stress rate. Like if mortgage rates went up to 14% (that stress rate was in my mortgage illustration) would you be still able to keep up with payments. 

Mrcsmrs

It sounds like you need a decent broker to place your applications where they’re likely to do you the most good. I can heartily recommend @haras_n0sirrah on here as I contacted her after seeing her post on here and she really knows her stuff. 

haras_n0sirrah

Mrcsmrs said:

It sounds like you need a decent broker to place your applications where they’re likely to do you the most good. I can heartily recommend @haras_n0sirrah on here as I contacted her after seeing her post on here and she really knows her stuff. 

Thank you for the endorsement x

NeoAi

@Mishelski im in a similar situ- very interested to hear the outcome of this. Did you manage to get a mortgage with youe 3 year satisfied CCJ?