Is it possible to go from CCJ to mortgage?

[SootSpritesHiding]

So due to physical illness (DH) and mental illness (me) we have been on ESA for quite a few years.

DH is 80% recovered and I feel I am ready to work again.

We are in a HA property that was previously council owned and because of the long amount of time we have been he we would be entitled to 48% discount on buying it (please don't make this about the moralities of buying HA property)

I have been really awful with credit and have a CCJ from about 4 years ago and have several phones and things with debt collectors.

Please don't judge :(

If we both got jobs, do you think in time, (I'm looking at the long term here) we would be able to get a mortgage of about 80k?

I really want to turn my life around and have an asset to leave to my children.

Right now I can't even get a couch on credit.

Is it impossible?

They're not the cheapest BUT if anyone can get you a mortgage, they will
Company is called simply adverse and they sorted my complex debt mortgage out. Mine is with the mortgage lender, they're worth looking at

I would until the CCJ drops of your file after 6 years.

We got a £90k mortgage with a CCJ. We went through a specialist mortgage broker, which was worth the cost. What was in our favour though was good affordability and a large deposit.

It doesn't automatically stop you getting a mortgage, but it does make it harder to build your case of being financially reliable.

(Also, the ccj will drop off your file after 6 years. So if its been 4 years, it will have dropped by the time you are looking to buy. You would just need to look at improving your credit as a whole)

Not impossible we did it. Had to put a 15% deposit down on an 80k mortgage, partner had a CCJ that was 4 years old but settled. I had numerous debts. We had to use a specialist lender and it took a long time. 9 months from start to finish. High street banks etc won’t look at you. We’re also stuck now as remortgage isn’t easy. If you can hold out until it’s over 6 years since the CCJ was registered you stand a much better chance but you need to make sure you keep all payments up to date

We managed it. I'd say go to a broker, ours was brilliant. Our ccj was all paid off (and had been for about a year wheh we got our mortgage) and we also needed to borrow less than we had in deposit so if you can, get as big deposit as you can and no other debts like loans or credit cards. The interest is higher than high Street lender but we were just relieved to get our mortgage.

Yes, of course you can. All the bad information on your credit file drops off after 6 years and after then, it's a matter of putting yourself in as good a position as possible to qualify for and afford a mortgage.

Have a look at Moneysaving Expert, lots of advice on making your credit file look as good as possible, and also setting your budget to make sure you can qualify and afford a mortgage (not sure if the payments will be more or less than the rent you pay now).

Have a look at:

www.moneysavingexpert.com/mortgages/boost-mortgage-chances/

Good luck!

I would also add we have just managed to remortgage with a high street bank after 2 years with a sub-prime lender (ccj at 5 years) So its not completely beyond the realms of possibility.

I’d focus on getting jobs first and then getting on top of your debts. You won’t be approved for a mortgage if you have unmanageable debt and ongoing / recent accounts with late payments or defaults, even after your CCJ has dropped off at the six year point.

We did - I had a CCJ and a default on my file at the time with just under 3 years left on both. We went through a broker who managed to get us a two year foxed deal with a specialist provider, then once that was up and the CCJ and default had dropped off we remortgaged for a better rate.

Sorry should say just under 2 years. And fixed deal! It's possible to get a mortgage with fat fingers too 😅

And start using Credit Ladder now. It will improve your credit rating really quickly

www.creditladder.co.uk/

Backed by Experian, nothing dodgy about it.