Am I effed for a bigger mortgage now?

[nevernotstruggling]

I have a mortgage I've had 3 years nearly. Remortgaged after 2 years in early 2020. Application came back same day no dramas.

Started saving and want to move to a bigger house when it's viable. Existing mortgage has 130k left on it and i will want to expand to a 150k 160 at the most. Lockdown really helped me start building cash. I won't have much equity so need to build up my deposit. Had a plan to move in about 2022.

Idly looked at my credit score on Sunday. I got a ccj in October 2019 for a grand I knew nothing about. I am devastated. It's my old student loan. They sent papers to previous address. I've made an application to set aside but no guarantees. I can pay the loan off immediately - I wish that was the issue!!

Now my credit rating is fuct and no guarantee I can fix it.

I'm astonished my remortgage went through though I can see on the credit file they only soft searched.

Otherwise everything is direct debit has been for years. I have a store card with a balance of about £500 that I pay above for each month.

Feel like my head is exploding - dragging the cash together will be so hard as it is. Any wisdom please xxxx

Speak to a broker they will let you know.

If you didnt change lender they dont normally do another hard search or remortgage

@Dazedandconfused10 you're right I didn't change lender as broker advised to stick with this one

Anyone else?

Sadly, if you are taking more money on your mortgage, then it is treated as a new application, and underwritten as such.

If you were to swap rates, then, they would just move you across, with minimal, if any investigation

When are you hoping to move?

@NoSquirrels in about 2 years time I think. No hurry and where I am is very affordable but for me to move even before the ccj will be a hard 2 years of dragging thousands together because I have lost so much equity.

This feels really 1st world I know as I have a tiny bit lovely house in a v nice area but I don't want my kids spending their whole teens sharing a room!!!

I was so stressed anyway about other things this has really tipped me.

Why have you lost lots of equity?

Anyway, I would say, just don’t panic about this. Who knows exactly what the market will look like in a couple of years? Additionally, if your one and only CCJ isn’t set aside (and it might well be) you have a great payment record otherwise and a good mortgage broker can work wonders, or your bank you’ve currently got a mortgage with might look favourably on it.

You can’t do anything right now other than what you’re doing (apply to set aside, save aggressively etc). So try not to worry.

New build issues mostly and the 10% drop.

Your kids will be ok sharing a room if tg6e worset comes to the worst. My dds always have

I'd go and see and broker. They would know best. I hope it goes smoothly for you.

Out of interest, how come the ccj was for your student loan?

@ballsdeep it's a pre 98 loan. Moved to erudio I'm assuming got debt collectors in after I moved. I hadn't been asked for a payment since 2015!

[quote nevernotstruggling]@ballsdeep it's a pre 98 loan. Moved to erudio I'm assuming got debt collectors in after I moved. I hadn't been asked for a payment since 2015![/quote]
Oh no! I hope you get it sorted