Hi all,
I've been on before asking about mine and my Husband's chances of getting a mortgage when he has a (very recently paid off) CCJ for about a thousand pounds on his credit file. We are waiting for the status to be changed to satisfied on this at present. The CCJ was filed in June 2011.
Time is a healer is the consensus we have reached, and we are going to look at obtaining a mortgage next September when my husband will have been at his new job for one year, as we've been told that the criteria on how long you've been at a job before applying are stricter for the 'poor credit' mortgages.
We'll also have 25% deposit, and have worked out what we will be able to afford based on a 6% interest rate with a contingency on top of that as well. I know that obviously this interest rate could go up or down, and after a little research it seems this is the rate a lot of people quote as a ball park figure for people in our situation. (Please let me know if anyone thinks this is way out!)
My question is though, is the interest rate likely to be this high for the entire time that the CCJ is on my Husband's credit record, or might the rate get better as the CCJ gets older? It'll be over three years old next September when we want to start applying, but we don't know whether to hold off for another year if that will make things better all round (lower interest rate, easier to get mortgage etc)?
Any advice greatly appreciated. I know things may change in the meantime before we apply, but we're trying to make the best of a bad job here and get prepared so any replies would be great.
Thanks everyone.
I've been on before asking about mine and my Husband's chances of getting a mortgage when he has a (very recently paid off) CCJ for about a thousand pounds on his credit file. We are waiting for the status to be changed to satisfied on this at present. The CCJ was filed in June 2011.
Time is a healer is the consensus we have reached, and we are going to look at obtaining a mortgage next September when my husband will have been at his new job for one year, as we've been told that the criteria on how long you've been at a job before applying are stricter for the 'poor credit' mortgages.
We'll also have 25% deposit, and have worked out what we will be able to afford based on a 6% interest rate with a contingency on top of that as well. I know that obviously this interest rate could go up or down, and after a little research it seems this is the rate a lot of people quote as a ball park figure for people in our situation. (Please let me know if anyone thinks this is way out!)
My question is though, is the interest rate likely to be this high for the entire time that the CCJ is on my Husband's credit record, or might the rate get better as the CCJ gets older? It'll be over three years old next September when we want to start applying, but we don't know whether to hold off for another year if that will make things better all round (lower interest rate, easier to get mortgage etc)?
Any advice greatly appreciated. I know things may change in the meantime before we apply, but we're trying to make the best of a bad job here and get prepared so any replies would be great.
Thanks everyone.