Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • CJohn65
    • By CJohn65 16th Apr 19, 3:45 PM
    • 5Posts
    • 2Thanks
    CJohn65
    Mortgage with Satisfied CCJ.
    • #1
    • 16th Apr 19, 3:45 PM
    Mortgage with Satisfied CCJ. 16th Apr 19 at 3:45 PM
    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!!
Page 1
    • iaink
    • By iaink 16th Apr 19, 5:41 PM
    • 22 Posts
    • 3 Thanks
    iaink
    • #2
    • 16th Apr 19, 5:41 PM
    • #2
    • 16th Apr 19, 5:41 PM
    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
    • By CJohn65 16th Apr 19, 7:23 PM
    • 5 Posts
    • 2 Thanks
    CJohn65
    • #3
    • 16th Apr 19, 7:23 PM
    • #3
    • 16th Apr 19, 7:23 PM
    Oh, thatís great news that they managed to place you!

    Iím sure it will be fine just everything you read just makes it seem like youíll never get credit again!
    • iaink
    • By iaink 17th Apr 19, 7:40 PM
    • 22 Posts
    • 3 Thanks
    iaink
    • #4
    • 17th Apr 19, 7:40 PM
    • #4
    • 17th Apr 19, 7:40 PM
    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.
    • Somerset La La La
    • By Somerset La La La 18th Apr 19, 10:40 AM
    • 686 Posts
    • 233 Thanks
    Somerset La La La
    • #5
    • 18th Apr 19, 10:40 AM
    • #5
    • 18th Apr 19, 10:40 AM
    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
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,602Posts Today

7,325Users online

Martin's Twitter
  • Have a great Easter, or a chag sameach to those like me attending Passover seder tomorrow. I?m taking all of next? https://t.co/qrAFTIpqWl

  • RT @rowlyc1980: A whopping 18 days off work for only 9 days leave! I?ll have a bit of that please......thanks @MartinSLewis for your crafty?

  • RT @dinokyp: That feeling when you realise that you have 18 days of work and only used 9 days of your annual leave! Thanks @MartinSLewis h?

  • Follow Martin