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Getting a mortgage with an old ccj thats been removed?

March 28, 2013, 1:14 pm
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Hi!
My partner had bad credit years ago and had a ccj. This has been on his file for six years and has now been totally wiped from his credit report...never to be seen again!
We applied for a mortgage the other day, they asked if we had any past ccjs to which we honestly replied yes, they did a credit check ( we both have a score of 999) We then went on to get a mortgage in principle. The full mortgage forms have since been recieved for us to fill in but the box where it says ' have you ever had a ccj' has not been ticked by the bank. Obviously we declared it last week when we got the mortgage in principle approved but by having an old ccj thats since been removed, do you think this will have a adverse affect on us gaining the mortgage?
Guess im worrying as cant get in touch with the bank until tuesday!

Thanks in advance for any info or advice!
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How to boost credit score to get mortgage

March 28, 2013, 2:34 pm
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Hi all,

My husband and I are just about to re-mortgage and we've both been totally anal about our finances for years now, paying off all our credit cards, paying everything bang on time and really trying to make sure we have good credit scores so we can avoid issues we had years ago every time we tried to remortgage!

So, a couple of weeks ago my credit score was 'excellent' according to Experian and was about 966 I think. I was well chuffed as we want to kick off a mortgage application in the next couple of weeks (to start on 26th May). I checked it again today and annoyingly it has gone down to 'good' and now is only 919.

I'm really miffed and annoyed with myself. Last time I looked it said I had lots of lines of credit (as I used to have several credit cards, which I've been diligently paying off) which was a risk factor. Having paid the last card off in Feb, I closed all the credit card accounts and now only have about £800 of available credit (instead of about £15,000). So apparently now my credit report says not having enough credit is a risk factor :mad:

I've had no recent searches in the last 6 months. Do I get another credit card with a high balance (or extend the balance of the one card I still have open) in the hope that it will boost my score. Or is a 'good' but not 'excellent' score going to be enough to not be turned down for a mortgage. My smug husband has an 'excellent' score.

Sorry for the long-winded message but if anyone could help me I'd be very grateful. I don't want to increase my credit card limit willynilly as that will be one credit search, leaving me only one more search for a mortgage before my score starts going down even more.

Thanks
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FTB mortgage application delined

March 28, 2013, 3:17 pm
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Hi, after doing a lot of research, and saving up a 10 % deposit, I applied for a mortgage with Nationwide. At my first meeting the advisor took my details, pay slips, ran a credit check (Excellent credit score) etc. She seemed to think that everything was in order, with my finances and deposit. I even moved my current account to one of theirs in order to take advantage of the FTB deals.
I had a property in mind when I attended this meeting, and she even worked out my mortgage repayments if my offer was accepted - they were prepared to lend me twice the amount of what I was wanting to borrow. I was intending on putting an offer in for the property after the deal was finalised.
I arranged another meeting to obtain a DIP and to arrange their valuation on the property, another credit search was done, and I was basically told that I now needed a 15% deposit, not a 10% deposit. They could give me no explanation of this.
I would not have minded, but it was the fact that they told me that there everything was fine with my application, so it was a bit of a shock that they 'moved the goalposts' to 15% so to speak.
I have spoken to an independant broker, and have a couple of other options (Skipton- although I would have to save up more to afford the fees! and Santander) but not sure if I will be told the same in terms of needing a higher deposit.
I am also worried about how the searches will affect my credit score.
Any advice would be appreciated.
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Mortgage further advance. Am I safe?

March 28, 2013, 4:01 pm
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Hi. Took out a mortgage on a BTL 9 years ago. (actually a "commercial" mortgage.) Was agreed at £100k (75% LTV)

I only drew down £35k at the time. Now looking to draw down the rest (the other £65k). Property value has probably almost doubled, rents increased 65% since then. Pefect repayment history on mortgage.

Problem: I now have a four-year old CC default. (£3k)

Spoke to lender (sounded like a call centre) about drawing down the balance. Seemed to be a formality. Just write in, money will be transferred to your bank account, etc.

Questions: Will they do a credit check? Will they likely change their tune about the further funds? Will they (god forbid) "call in" the existing mortgage? Should I risk it?

Thanks for any advice, and opinions on obtaining any other mortgages in my current situation.
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Mothers mortgage Wows

March 28, 2013, 6:36 pm
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Hello Advice please. My mum (63) mortgage is due to be paid in full next year and she has had the DSS paying just the interest for the past few years, she was always under the impression she could extend her mortgage til she was 75 (abbey/santander) she has now been told the balance of £43K short fall is due to be paid. She has no endowment, she cashed it in 10 years ago... My mum is desperate to stay in house but has very little savings and about £90k equity... What can she do now? She does not work, and only recieves small benefits and a pension. She does not want to sell, just secure her future in the house.
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Bad Credit Joint Mortgage

March 29, 2013, 3:04 am
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Im hoping you guys will be able to advise me on the following.

I had a really bad time with money about a year a go, racking up unsecured debt i really struggled to pay back. Im now with StepChange paying it all back but obviously my Credit profile is shocking.
My partner on the other hand is brilliant with money. She has a near perfect Credit profile and is the one who is getting me sorted.

We both have mortgages at the moment, but would like to sell our own individual places and buy a place together. The only thing I am worried about is the state of my credit.

To add a bit more background, I earn c.£37000 per annum, whereas she earns c.£1200 so I will be paying the majority of the Mortgage.

Will my poor credit stop us getting a joint mortgage, or will we be able to use our joint income/credit score to secure one?
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Property valuation when re-mortgaging

March 29, 2013, 3:24 am
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Hi,

We are looking to remortgage because our current deal comes to an end very soon. 2 years ago we bought our property for what i considered to be good value because previous owners wanted a quick sale and we moved quickly.

Now we want to remortgage I want to use our property value to our advantage for the best rate (taking into account LTV). Who decides what our property is worth in today's market? Furthermore our property is very unique - there isn't another one like in the area to make a like for like comparison.

Whats to stop me applying for a remortgage on the basis that I think my property is worth £X despite only paying £Y. In this case would the lender come and and have a look and decide for themselves (no problem with that). Could I loose my arrangement fee if I get it wrong?

thanks all.
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Self Employed remortgaging - business had bad year

March 29, 2013, 4:26 am
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Hiya,

Just wondering if anybody knows of any good mortgage lenders for the self employed?

Situation is this - Got a mortgage and bought a house in 2011. I was employed on approx 24K p/a, at this point OH had been self empoyed with one years accounts at 18K. Halifax one of only lenders who would consider only one years accounts, and we got mortgage of £154K to buy proprery at £184K (30K deposit).

Our mortgage term is almost up and need to re-mortgage. Property valued at £200k, and mortgage is £148k. I have paid some overpayments since taking out the mortgage, my salary is now at £25.5K, but the issue is that OH's business has not had a great year (2011); books just back from the accountant and net profit was just £5K.

I'm now concerned that this is going to make it difficult for us to remortgage. I had worked hard to get our credit ratings up before we bought the house and they are both still very high, no missed payments etc on anything. We are also just about to get 2012 business accounts done. We are hoping they are going to be much better than the £5k for the previous year, but obv, our accountant works to keep our tax bill down; dont want to be in the position of having to increase profit and tax liability to get mortgage.

We made a lot of sacrafices to buy our house and dont have a lot of outgoings, so the thing is that during the year of only £5K being earned by other half, we still got by, we were never in any danger of defaulting on mortgage, but I dont know if lenders will take that into account or if they will jut do a simple calculation based on combined earnings.

Any advise would be appreciated!:)
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FTB joint tenants vs tenants in common?

March 29, 2013, 4:36 am
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Hi there

I'm after a bit of advice re a joint mortgage between myself and my long term girlfriend. We are both in our 20s and it is our first place together.

As an unmarried couple I am interested to find out a bit more about the implications of signing up as joint tenants vs tenants in common. From what I understand anything in a will is overruled if we go as joint tenants and my half of the property would automatically transfer to her.

I think my parents are concerned about future problems if we split up etc if the property is jointly owned rather than us having equal shares as tenants in common. I have looked into inheritance tax and the property is around £150k so well under the threshold for that. Is there really much difference between us being joint tenants or TIC but putting in our will that we would like it to go to the other person? (as we'll have to do a will anyway for our savings).

Any help would be great thanks :)
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Mortgage and sulphate attack

March 29, 2013, 4:55 am
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We have had a mortgage offer accepted and they went and valued the house. We had our own survey done and there is possible sulphate attack to the floors - we find out next week.

If it is and we reduce the price by £15k (from 250k to 235k, mortgage for 130k) would the mortgage company ask why? If so would they then refuse the mortgage if the house had sulphate attack?

Just helping to get a view so that we can factor it in to the decision.
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Transfer of equity - help please?

March 29, 2013, 7:26 am
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Good afternoon!

I am after some advice from you lovely people! (Please?!)
I want to do a transfer of equity from my ex to my new partner (me staying on mortgage) but the existing mortgage is a self cert with Birmingham Midshire (who ive had no problems with in 7/8 yrs being with them). They have a process for transfer of equity but as they no longer deal with the public i have to use a broker to communicate which is frustrating. My question is does anybody know whether when doing a transfer of equity does everything on the mortgage ie. rate, self cert status, term etc stay as before and just the name changes? Also if it does stay as self cert would we actually need to prove income? I know someone will say i need to find out directly but i was interested to know if anyone knew already. : )

Many thanks in advance
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Newbuild advice please

March 29, 2013, 9:42 am
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After receiving two AIPs from different lenders I am considering buying a newbuild house. The estat agent is keen for me to reserve.

Firstly, is it normal for sellers to be flexible in terms of price and/or maybe paying something like stamp duty or some extra fittings?

Also, what will I be expected to pay prior in terms of solicitors fees etc? And, Amy advice about buying a house which hasn't been built yet.

Thanks
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Help to Buy Mortgage?

March 29, 2013, 10:37 am
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Hello Moneysaving people :)

Myself and my wife had been diligently saving for the last year for a mortgage deposit, which we had finally managed to do. However i have recently taken a new job, which came with a relocation to a much more expensive area to live.

So, at the moment we're still renting. However given the announcement of the new "Help to Buy" scheme we have been tempted to look again at buying. We have enough money for a 5% deposit, so if we looked at an eligible new build we would only need at a 75% mortgage, i think?

That's what i am not really clear on, i assume the 20% would go direct to the developer and we would pay the remaining 5% and the mortgage company the 75%? If so, do i need to find a specialist mortgage, which will accept the "Help to Buy" scheme, or, can i just get any standard mortgage? I am with First Direct for banking and there mortgage rates look very competitive, but they don't seem to like most of the shared equity schemes?

Sorry, this may be a rather stupid question, i will also be seeking a mortgage advisor at some point anyway as my wife is "Self Employed" so there are some additional complication.

Thanks in advance for the help as always!

Gareth
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remortgage

March 29, 2013, 1:26 pm
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I have a £37,000 mortgage and im currently on the variable interest only mortgage with the woolwich,im now looking for a fixed rate mortgage and im not sure whether to cash in my endowment which is about £20,000 or up my mortgage from £175pm to £600 pm to pay it off(interest and capital) by going with the fixed rate with hsbc? My dilema is its a lot more per month and u never know whats going to happen in the future work wise! Any advice would be appreciated! Thanx :-)
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HELP Trying to get a mortgage!!!!!

March 29, 2013, 2:34 pm
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Advice Please.....

Me & my partner have applied for mortgage with Halifax we have both been approved for a promise on a 10% basis, my partner has two satisfied defaults both under the amount of £200 (both phone company's, one is cleared this year & one in June 2015 and a credit score off 870 & been in his job for 3 years, We have told the bank that we have had problems in the past but still approved.

We have put an offer in a house we will find out if we have the property on Tuesday, I was told by bank that at the mortgage promise stage they do a soft credit check & a full credit check in completion.

I'm worried that after the offer is excepted & we go a head with mortgage that they reject us for the defaults (would they see the defaults in the first checks?) I have also heard mixed reviews regarding this.

My partner is on a good income over £50,000 a year, has anyone been in this situation that can help!!!
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Paying parents mortage - tax implications

March 29, 2013, 2:59 pm
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I am thinking of helping my parents with their mortgage as their endowment is not sufficient. Are there any tax implications to this if I make a one off payment(s) to their mortgage, and would I do this direct to the mortgage account or to them?
If I were to pay monthly amounts, would they have to pay tax?

Thanks All
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declined a mortgage by santander

March 30, 2013, 4:11 am
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myself and my husband were declined a mortgage from santander. the reason they gave was when fixed rate gone we wouldn't be able to afford the £1600 payments a month. However we were going to get fixed rate for five years which would have made payments £1100 and in five years we will have cleared loan that we are currently paying £400 a month for a loan. do all lenders do the same?? we have worked out our expenditure and have £500 spare a month but bank not considering this as state still not enough to meet mortgage payments!! Any advice really welcome, have got a mortgage adviser coming on Wednesday, but if all lenders same there will be no point!!
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Quick Question - Santander internet banking/mortgage

March 30, 2013, 6:01 am
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Hi all

Does anyone know whether Santander are going to introduce online account viewing/management for mortgages?

I have a credit card with them (123) which I manage online and in my accounts summary it shows my Santander (ANMF) mortgage account details but the account is not highlighted so am unable to view.

It would be great if I could view outstanding balance/term and make overpayments online.

Cheers :D
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First time buyer - old default advice

March 30, 2013, 6:48 am
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Hi all,

My husband and I are hoping to buy our first house next year. We're satisfied that we'll have a good deposit (20%) by the time we apply for a mortgage and we both earn good money so we're confident that we'll be able to pay the mortgage.

I just have a couple of concerns, mostly relating to my credit history. It's a bit of minefield in terms of information. I've been reading pretty much anything I can get my hands on relating to credit and mortgages. Some of it is conflicting and I was hoping some of the people on this forum might be able to give me some pointers/advice.

When I was at university (3 years ago) I was pretty irresponsible with money. I'm probably not the first student to get into a bit of trouble (and certainly won't be the last!) I had a credit card which I have paid off, I also ran up a debt of £1,270 on a current account which is listed as a default on my credit file. This is due to expire in December 2014 and has not been paid off. Once I left university I really knuckled down and made sure I paid everything on time and didn't go into my overdraft. I paid everything on time for the last 3 years with no problems. I have no CCJs/judgements and no other outstanding debts.

It probably sounds ridiculous but I forgot about the current account and only remembered when I checked my credit file. Obviously I am very keen to sort this out before applying for a mortgage next year.

I have 5 good accounts on my file which are all healthy and have no defaults, including 2 bank accounts and 2 credit accounts. The only big issue is this former current account which was closed by the bank in 2008. I can't find any documentation with the account number and sort code on it and the lady at the Natwest couldn't find any record of it in their system as it has been closed. This is making it impossible to settle the balance and put my credit report right.

I'm happy to settle the balance in full but I'm not sure what I should do next and how this will impact upon a mortgage decision. I know a default is very bad! The account is due to 'drop-off' my credit file in December 2014, would it be best to wait until then before applying for a mortgage or might it be possible to get a mortgage before then as it has been quite a while since the account was closed?

Another question I had was if I pay the balance in full will the default still expire in December 2014 or will the action of paying this debt off mean that it will stay on my file for longer?

If anyone has any tips about settling defaults on closed account when the bank can't find your account info that would be great. Unfortunately Natwest weren't very helpful when I asked them and basically told me to go away and come back when I'd found the account number and sort code (which I don't have).

Apart from this my credit file is looking pretty good, I've just been approved for a credit card which I am planning to use for small purchases over the next year and pay off by Direct Debit to improve my credit rating. I had no problem renting my place and passed all the credit checks without any problems. I'm also on the Electoral Register.

Any advice anyone could offer would be fantastic!
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Continuing the critical illness / life assurance policies

March 30, 2013, 7:08 am
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I recently sold my house and the proceeds paid off the mortgage. The mortgage was on a repayment basis and I have three critical assurance policies with Scottish Widow that were taken out to cover the mortgage. My question is, as these policies only have 9 years to go, will they pay out at the end of the term or should I just cancel them? Your help much appreciated
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