Urgent mortgage with CCJ advice needed

RRS1999

Hi There
Current situation -   joint salary 63k, approx. 40k equity in the house, x1 lease for car -£160.00 per month, x1 CCJ (see below) repayment plan -£75
we are left with approx. 2.5k fair each month disposable income
Credit score = Wife fair (no CCJs or defaults) mine = poor ( 1 defaults 5 years ago and 2 CCJ's (x1 settled 4 years ago and x1 from 2018 active with £3k remaining)
both of us have perfect credit scores in the last 3 year - always paid on time and reduced debt.


If we sold the house, would pay active CCJ off and settle

we would like to move house for approx. 240k and put 10% down as a deposit from the equity of current home
I understand high street lenders would be out of our reach, but are there any other lenders we could approach

What are the chances of getting a mortgage, dont want to go through the process and be rejected


I know nothing about mortgages and your advice and help would be much appreciated.

Pixie5740

RRS1999 said:

Hi There
Current situation -   joint salary 63k, approx. 40k equity in the house, x1 lease for car -£160.00 per month, x1 CCJ (see below) repayment plan -£75
we are left with approx. 2.5k fair each month disposable income
Credit score = Wife fair (no CCJs or defaults) mine = poor ( 1 defaults 5 years ago and 2 CCJ's (x1 settled 4 years ago and x1 from 2018 active with £3k remaining)
both of us have perfect credit scores in the last 3 year - always paid on time and reduced debt.


If we sold the house, would pay active CCJ off and settle

we would like to move house for approx. 240k and put 10% down as a deposit from the equity of current home
I understand high street lenders would be out of our reach, but are there any other lenders we could approach

What are the chances of getting a mortgage, dont want to go through the process and be rejected


I know nothing about mortgages and your advice and help would be much appreciated.

You’d be better off posting on the Mortgages & Endowments board where a number of brokers regularly post. One of them should tell you of what you want to do is feasible although I (I am not a mortgage broker) think that 2 CCJ with a 10% deposit might be difficult to place. Note that the brokers who post on MSE can tell you of what you want to do is feasible what they can’t do is post specific mortgage advice. 

However, if you really are clueless when it comes to mortgages then engage a mortgage broker rather than posting on a forum. Avoid the free ones like L&C as they like vanilla cases and yours is not vanilla. 

theartfullodger

Pay off any ccj's and get proof from whoever you owed money to 1st, before applying for another debt/mortgage.  Obvs..

MaryNB

"Perfect credits scores" mean nothing, especially if you have a CCJ. Lenders won't see your scores on Experian, Equifax or TransUnion. Lenders will look at the data on your credit file and do their own internal scoring. Focus on the data, ignore the score.

RelievedSheff

I don't think you will be at high Street rates with your defaults and CCJ's as they currently stand.

But I do think that a broker could place you with one of the specialist lenders. They will be higher rates though.

Go over to the mortgages board. There is a broker specialising in adverse mortgages on there.

Thrugelmir

Why not make a serious attempt to repay the CCJ?  Would improve your credit file immensely. Treating it as an interest free loan does you no favours. 

user1977

What's the urgency? 

[Deleted User]

Especially since the OP has asked the same 'urgent' question since 2019...

Pixie5740

Well spotted @Deleted_User. Back in May one of the mortgage advisors who posts regularly said…

@rrs1999 It will depend on the specifics and the numbers stacking up, but based on the info in your post, it looks like your default and CCJs were registered 3+ years ago, so there are a few specialist lenders who will consider at 90% LTV.

https://forums.moneysavingexpert.com/discussion/6265535/mortgage-advice-needed-please

Jenni_D

Thrugelmir said:

Why not make a serious attempt to repay the CCJ?  Would improve your credit file immensely. Treating it as an interest free loan does you no favours. 

Would it? Would a prospective credit provider really treat a Satisfied CCJ any better than one that is still open? (Maybe some will, but I don't think it is as clear cut as you're espousing).

Slithery

Jenni_D said:

Thrugelmir said:

Why not make a serious attempt to repay the CCJ?  Would improve your credit file immensely. Treating it as an interest free loan does you no favours. 

Would it? Would a prospective credit provider really treat a Satisfied CCJ any better than one that is still open? (Maybe some will, but I don't think it is as clear cut as you're espousing).

Impossible to tell, lenders keep their credit scoring formulas a closely guarded secret so that no-one can game the system. I would imagine that it would improve the internal score, but also obviously reduce the LTV due to the borrower having less available deposit.