Partner has a CCJ - will we get a mortgage?

[Namechange1066]

Just that really. First time buyers looking to do Help To Buy with a joint application. My credit score is excellent and I have no loans or debts.
We have a combined income of just over £70,000 between us, buying in the South East (partner commutes to London every day)

My partner has a CCJ from 1 year ago which was just satisfied this month. He also had another one issued last month but paid it within the 30-day limit so it was settled will not be on his file. They were both only small, under £1000 each but he had a poor understanding about money and debt which is why it came to this...needless to say he has learned the hard way from his mistakes.

We are both flipping daily between hope and utter despair. Is it true what everyone says? Are our chances ruined?

We will of course see an advisor but for now it would be good to get some advice. I’m very stressed.

[itsagooddaytosavehives]

I have a ccj from 4 years ago. I was unable to open a joint bank account with my husband last month so I wouldn't hold out too much hope im afraid.
obviously I don't know for sure but just sharing my limited knowledge

[DragonMamma]

I had a default from years ago and wasn’t able to get a mortgage for 6.5yrs.

A CCJ is considered worse than a default but the result is still the same i.e. no credit and even renting can be problematic as he probably won’t be able to pass the credit checks either

[DragonMamma]

I should add that I do believe there are lenders out there that will consider those with defaults and CCJ’s but I think they need to be at least a couple of years old and you won’t benefit from any good deals, I’m afraid.

[prettywhiteguitar]

Why don’t you both do clearscore ? That way you can visibly see your chances and you follow the advice to better your credit score. I built mine up over the year and it has changed every month

[GregoryPeckingDuck]

I nearly ended up with one of these (came home from extended trip to find an unexpected claim had been brought and default judgment granted in my absence). Only barely had enough time to pay it before the limit passed. I read up on it and it looked like you’d have to wait 7 years before getting any reasonable loan. Also affects employment chances in some sectors which is why I nearly had a heart attack.

[Namechange1066]

Thank you for all your replies so far. So...the future is bleak then. At least for another 6/7 years...

[GreyGardens88]

Yeah but it will be a subprime mortgage with a high rate, you would have to stick on that for a few years then remortgage

[chapthedoor]

Yes you would but not through a high street bank. Go to an independent mortgage broker and be upfront about it, they will be able to get you something but the rates will be higher

[PolarBearDisguisedAsAPenguin]

Have you checked your credit score because usually it is by having an amount of debt that you get to have an excellent score, because you need to prove yourself with money and repayments?

I think you’ll need to see a broker and accept that if you do get a mortgage the interest rate will be very high. Be careful as well as once you start doing anything that financially links you, then your credit history will be impacted by his.

[Namechange1066]

@PolarBearDisguisedAsAPenguin

I used to have debts but have paid them off. I also do use a credit card monthly and then pay it off in full each month via direct debit so I suppose what I said about not having debts wasn’t strictly true! I just meant no outstanding debts. But yes last time I checked my score it was “excellent”

When you say higher interest rate, do you have an idea of roughly how much more than a normal rate? If so, could you use an example?

[Helpmedecide123]

Google subprime mortgage rates

www.money.co.uk/mortgages/bad-credit-mortgages.htm