Ask the Specialist

Capital Fortune are asked to help clients on a daily basis, whether it be with a new purchase, remortgage, buy to let or something more unusual. We typically help clients with non-standard, unusual or complex situations and have created this section to allow you to ask our team of specialists any question you may have. Feel free to browse the list of questions and responses. Please note we provide information only in response to the questions posed and not advice. If you do seek advice then feel free to speak to one of our Advisers by calling 0207 710 0400 or send us an enquiry online and one of our Advisers will call you back.

Purchase Property with Mother but have a CCJ

on 02 November 2016.

Hi,

My husband and i are both 52 years old and want to buy a property for about £425,000. My mother is selling her home to move in with us and will be putting in 200k deposit. The problem is my husband only has 2 years accounts and also has a CCJ showing on his credit file, which was satisfied last August, he also has a small default which he is paying off at £20 pm. We also have debts totalling approx £25k but mum said she would clear them and reduce the deposit to £175k Would we be able to get a mortgage ? 

Thanks for your help. 

Amanda

 


Ask the Specialist response:

Hi Amanda, 

Thanks for making contact with us. 

Although the set of circumstances that you have painted below are unusual within the wider mortgage market, we have typically assisted clients in a similar situation before. 

We have assisted clients in the past where an elder party is contributing a part of the deposit and wishes to register their interest. They are able to either be on the title deeds - albeit would then be liable for the mortgage - or alternatively could register a charge on the property to protect their deposit.

Furthermore, on the provision that there is a suitable explanation for the CCJ. Depending on your mother's age, this application is likely to be reliant on the income which you and your partner receive rather than any supplementary pension income which your mother may earn in this instance.

If you just wish to obtain an indication on whether we are able to assist you, given your specific circumstances, I'd recommend speaking to one of our Advisers on 02077100400 or send us an enquiry online and one of our Advisers will call you back.

Capital Fortune