DIP accepted - Nationwide willing to lend but concerned with CCJs

IloveElephants

Hi Everyone,

I need some advice please, I am looking at buying a property with my partner we have a LTV of under 80% - I have 2 ccjs that are combined under £500 from private carpark companies. The oldest ccj issued was in January 2019 and is unsatisfied. The most recent ccj issued was in Feb 2020 and is unsatisfied to the value of £190.

We did a MIP and it was successful, my worry is further down the line when Nationwide do the hard checks when its time to buy the property and do the mortgage application next year in Feb/March (By then the ccj in question will be 3 years old) will we be rejected based on the ccj?

Many thanks to everyone on here

JMA74

If you did your MIP through a broker it states at the end of our application system what credit reference agencies were searched to get the decision.  If the ones that were searched are ones that definitely have the CCJ showing on them then its as secure as you can be at the moment.   I'm not sure if this is the same with direct systems

Cases can always be pulled for checking but lenders like Nationwide try to have their systems make as much of the decision as possible for them as it allows a high volume of cases to be processed without spending ages on each one. 

There is nothing in criteria that says they wont do it so assuming they have actually seen the CCJ on the search then it should be fine. 

IloveElephants

JMA74 said:

If you did your MIP through a broker it states at the end of our application system what credit reference agencies were searched to get the decision.  If the ones that were searched are ones that definitely have the CCJ showing on them then its as secure as you can be at the moment.   I'm not sure if this is the same with direct systems

Cases can always be pulled for checking but lenders like Nationwide try to have their systems make as much of the decision as possible for them as it allows a high volume of cases to be processed without spending ages on each one. 

There is nothing in criteria that says they wont do it so assuming they have actually seen the CCJ on the search then it should be fine. 

Thanks JMA74, if a ccj is over 3 years old does that mean its less of an issue for lenders assuming the value is under £500? 

Thank you

simon_or

JMA74 said:

If you did your MIP through a broker it states at the end of our application system what credit reference agencies were searched to get the decision.  If the ones that were searched are ones that definitely have the CCJ showing on them then its as secure as you can be at the moment.   I'm not sure if this is the same with direct systems

Cases can always be pulled for checking but lenders like Nationwide try to have their systems make as much of the decision as possible for them as it allows a high volume of cases to be processed without spending ages on each one. 

There is nothing in criteria that says they wont do it so assuming they have actually seen the CCJ on the search then it should be fine. 

I think with a CCJ it gets picked up from the court records so it should show the same on all the different credit bureaus even if the default was only showing on one of them. At least that's what I was told when I had CCJs in the past.

JMA74

Just depends on lender to lender.  Some will decline all the way up to 6 years, some will be fine after 6 months.

If you've passed the dip then should be fine

ACG

In 5 months time, a lot can change. Lenders tighten and loosen their credit scoring over time to suit themselves. If the economy takes a nose dive you could see they tighten up and although the CCJs are older, you may fail credit score. But that might not happen. 

IloveElephants

simon_or said:

JMA74 said:

If you did your MIP through a broker it states at the end of our application system what credit reference agencies were searched to get the decision.  If the ones that were searched are ones that definitely have the CCJ showing on them then its as secure as you can be at the moment.   I'm not sure if this is the same with direct systems

Cases can always be pulled for checking but lenders like Nationwide try to have their systems make as much of the decision as possible for them as it allows a high volume of cases to be processed without spending ages on each one. 

There is nothing in criteria that says they wont do it so assuming they have actually seen the CCJ on the search then it should be fine. 

I think with a CCJ it gets picked up from the court records so it should show the same on all the different credit bureaus even if the default was only showing on one of them. At least that's what I was told when I had CCJs in the past.

Thank you for your input Simon.

IloveElephants

JMA74 said:

Just depends on lender to lender.  Some will decline all the way up to 6 years, some will be fine after 6 months.

If you've passed the dip then should be fine

Thanks JMA74, I do hope you are correct "If you've passed the dip then should be fine"

IloveElephants

ACG said:

In 5 months time, a lot can change. Lenders tighten and loosen their credit scoring over time to suit themselves. If the economy takes a nose dive you could see they tighten up and although the CCJs are older, you may fail credit score. But that might not happen. 

Thanks ACG

CuriousCranberry

I know this is very late, how did you get on?

We've had the exact thing with nationwide but CCJs also, just curious to see how your hard search went

Ccjs are satisfied and will be 6yrs old in oct/Nov this year