Crosswords4 mins ago
Can anyone get a mortgage?
6 Answers
I realise the amount you can borrow is based on your earnings etc... but I've always been told that practically anyone can get a mortgage, as the money is secured against the property... so if you don't pay, they get the house.
Is this true?
Can someone with lots of debts & a not great credit file (inc 1 CCJ which is being contested) get a mortgage?
(ps. This isn't me!! I have a few debts & an ok credit file!!)
Is this true?
Can someone with lots of debts & a not great credit file (inc 1 CCJ which is being contested) get a mortgage?
(ps. This isn't me!! I have a few debts & an ok credit file!!)
Answers
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Not entirely true, a person would l have a lot of trouble getting a mortgage with a bad credit record. It's true that the loan is secured but it's still a lot of aggravation to go through the reposession process so a lender would seek to avoid that situation. For someone with regular earnings and a good credit record it should be straight forward.
So what if the person has good, regular earnings... but lots of debts (that he is paying money towards each month) & also a CCJ that he is disputing & therefore is showing on his credit file?
In this case, would a regular lender give him a mortgage? Or would it need to be a more specialist company with a higher interest rate?
In this case, would a regular lender give him a mortgage? Or would it need to be a more specialist company with a higher interest rate?
no, he would find it very difficult to get a loan from a mainstream lender under those circumstances. The fact that he has a CCJ says that it's been to court so why did he not dispute it at the time? The other debts you mention are they debts being repaid under their normal repayment process or are they being repaid after defaulting in the past? Essentially any non payement of a debt in any form, even a late payment for a credit card bill will make the aquisition of credit more difficult and in the case of missed payments very difficult. Good regular earnings are relevant only to the amount a lender will lend, thay are more concerned about the tendency or otherwise to reliably make regular payments.
With regards to the CCJ... see the next post up! The demand for money was a mistake in the first place, & then he never got the letter saying it was going to court (perhaps due to moving house..?)
The other debts are all credit cards. The minimum payment has always been met each month, no defaults or missed payments.
The other debts are all credit cards. The minimum payment has always been met each month, no defaults or missed payments.
OK, read the other Q above.
He must contact the DVLA and get them to deal with it. The first pase is to write a comprehensive letter with copies of all documents that back up the case, If he has a crime reference number and the insurance company details etc of the stolen bike then he should be able to convince them of their mistake. Then the CCJ can be satisfied and a not made on the credit file. This presumably cam about because he ignored the letters, this is what happens when the Ostrich technique is used.
He must contact the DVLA and get them to deal with it. The first pase is to write a comprehensive letter with copies of all documents that back up the case, If he has a crime reference number and the insurance company details etc of the stolen bike then he should be able to convince them of their mistake. Then the CCJ can be satisfied and a not made on the credit file. This presumably cam about because he ignored the letters, this is what happens when the Ostrich technique is used.
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