Case study – Bad credit mortgages
She got behind with her minimum payments on a couple of store cards and after three months of arrears, the card supplier took her to court.
“I was left with a County Court Judgement (CCJ) on my record for £495,” she confesses.
“It brought me to my senses. A month later, I satisfied the CCJ and paid off my debts. Then I froze my credit cards in ice, so I couldn’t use them to make impulse purchases.”
Two years later, Julie had saved up enough for a 20% deposit and managed to get a mortgage for £75,000.
The interest on the fixed rate she took out was relatively high, but she was simply relieved to be able to buy her one-bed flat.