Mortgage advice-Partner with CCJ

[littlemisshope]

Hi, I wonder if anyone could possible give me some advice? Myself and hubby currently rent, my parents are moving & we need to move with them to the same area as they take care of our little boy whilst we work (both full time) we would love to buy our own place but we have not been able to save due to the large amount of rent we pay per month, we just cannot get together a deposit. My parents have offered to help with the deposit which is brilliant but my hubby has a bad credit history, he has been stupid in the past and he has a CCJ from 2019 on his credit report we asked a friend who is a mortgage broker and she said we had no chance until the CCJ has cleared from the report. My dad has offered to take out a mortgage with me just to help us get on the property ladder but I have no idea where to start or if it's even possible? Can anyone give me any advice or information at all? I would very much appreciate it thank you all x

It would be worth speaking to a broker about the options with the mortgage with your dad. There will also be some complexities as it won't be in your husbands name either the mortgage or the house. You also need to consider the situation if you divorced, but also if your dad comes off the mortgage and the deeds, it will be classed as a transfer so will potentially incur capital gains tax and stamp duty depending at the time.

What in earth was your DH doing to get a CCJ so recently? As you have found the implications are serious and will not last for 6 years in total

I'd see a different mortgage broker - there are lenders who'll lender to someone with a CCJ, especially one from a couple of years ago with no ongoing issues. It'll be a higher rate but you can remortgage onto a cheaper product a few years later (although I'd keep an eye on house prices changing dramatically if you have this in mind).

Thank you both! We have decided to seek advice from a broker, it looks promising, not as scary as I thought! The broker is helping us from all avenues, we are first going to try for me and hubby to get the mortgage and if that fails we go to plan B and look into ways my dad can possible help oh honestly I'm fuming with hubby for the CCJ...it was debt from years ago that he ignored and basically it's come back to haunt him now, it wasn't even a huge amount and if he had paid it in 30 days of receiving the CCJ letter it would not be on the report...he paid it too late by about a week which makes me want to cry! but I guess what's done is done and we now need to look forward and hopefully put his debt troubles behind us. I will update as to how we get on but I really appreciate the advice guys