Mortgage advice needed for sister and partner with past CCJ
Discussion
Hello all, been lurking for a bit, but i'm impressed with the wealth of knowledge on this site.
To which i was hoping that someone may be able to advise with my sisters situation.
She is looking to buy a place with her partner, and in the past he has had a less than ideal credit record; thanks to a messy divorce.
Thankfully they've both worked together to sort this out, and recent reports shows that he has no missed payments for the last few years, low usage of their credit limit and only a loan that is linked to their car, which completes next year.
Apart from looking at the credit score/record, what other historical information is investigated, when a lender is taking on an application?
I could only advise her of what i went through, but that was decades ago, and i assume that a lot has changed since.
Her concern is that he did have a CCJ in his name, but this is years old and is no longer on his record.
But the CCJ was never paid off, as he tells her that the debt belongs to his ex as she spent the money, but the loan was in his name.
Apparently the ex stopped paying him what was borrowed and he refused to pay it off.
Subsequently the lenders chased for payments, he ignored the letters and never replied, they obtained a CCJ and also put a "charge" order on the family home, which was in both their names.
During the divorce, his house was sold off and financial ties to his ex were severed.
The conveyor told him that the charge order didn't mean that the loan amount needed to be paid back, due to the way the charge was placed.
Essentially, the loan was unsecured, and the lender put a charge on a property that was owned by both him and his ex. The charge only stated that the lender was informed and that the Land Registry would allow the house to be sold.
Although he had been chase from different debt solicitors in the past, with the "let us help you" letters. There have been no formal demands for what is outstanding.
My sister is worried that they go to apply for a mortgage, and something from his past kicks up that prevents the mortgage being offered. Even though everything looks to be sorted in the credit reports.
So, any words of advise, which might help her situation?
To which i was hoping that someone may be able to advise with my sisters situation.
She is looking to buy a place with her partner, and in the past he has had a less than ideal credit record; thanks to a messy divorce.
Thankfully they've both worked together to sort this out, and recent reports shows that he has no missed payments for the last few years, low usage of their credit limit and only a loan that is linked to their car, which completes next year.
Apart from looking at the credit score/record, what other historical information is investigated, when a lender is taking on an application?
I could only advise her of what i went through, but that was decades ago, and i assume that a lot has changed since.
Her concern is that he did have a CCJ in his name, but this is years old and is no longer on his record.
But the CCJ was never paid off, as he tells her that the debt belongs to his ex as she spent the money, but the loan was in his name.
Apparently the ex stopped paying him what was borrowed and he refused to pay it off.
Subsequently the lenders chased for payments, he ignored the letters and never replied, they obtained a CCJ and also put a "charge" order on the family home, which was in both their names.
During the divorce, his house was sold off and financial ties to his ex were severed.
The conveyor told him that the charge order didn't mean that the loan amount needed to be paid back, due to the way the charge was placed.
Essentially, the loan was unsecured, and the lender put a charge on a property that was owned by both him and his ex. The charge only stated that the lender was informed and that the Land Registry would allow the house to be sold.
Although he had been chase from different debt solicitors in the past, with the "let us help you" letters. There have been no formal demands for what is outstanding.
My sister is worried that they go to apply for a mortgage, and something from his past kicks up that prevents the mortgage being offered. Even though everything looks to be sorted in the credit reports.
So, any words of advise, which might help her situation?
Sarnie said:
It's impossible to provide accurate advice without having sight of the credit files and the full details of the application.
Tell her to speak to a broker.
Which if you ve lurked long enough means "drop Sarnie an email" Tell her to speak to a broker.
There's brokers and there's Sarnie ffs mans got his own thread of praise 👏 🙌
cossy400 said:
Which if you ve lurked long enough means "drop Sarnie an email"
There's brokers and there's Sarnie ffs mans got his own thread of praise ?? ??
Yes i totally agree. There's brokers and there's Sarnie ffs mans got his own thread of praise ?? ??
However she is set on using her building society
Totally understand that a broker would need to see everything on the report, was more of a query that i could answer for my sister.
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