How to Get A Mortgage with CCJs
You may be pleased to hear that even though you have a County Court Judgement against you; it is still possible to get a Mortgage.
The number of people in the UK with substantial debt is increasing, as a direct result so are the number of people with CCJs. In response, the number of mortgage brokers specialising in lending to people with CCJs is also on the increase.
The reason for this increase in CCJ mortgage availablity is mainly due to the fact that the interest rates that the lenders charge for CCJ mortgages are normally higher than with standard residential mortgages. The chances of getting a CCJ mortgage is linked to the amount of risk the lender perceive in you paying back the loan. If you are seen as a high risk case, in other words the risk is high that you might not be able to pay the money back, then the greater the amount of interest you will charged. A County Court Judgement is seen as an indicator of risk. This does not mean that you won’t be able to get a CCJ mortgage offer, it simply means that you will judged to be a high risk case so you can expect to pay a higher rate of interest.
First Steps in Getting a CCJ Mortgage
When applying for a CCJ mortgage you should ensure that you have a “Certificate of Satisfaction” if you have settled the amount of debt that you owe. If the CCJ on your credit file is incorrect you need to get this error removed as soon as possible. If you had a CCJ but paid the debt owed within one month of the court judgement the CCJ may actually be removed from your credit file completely.
You Will Need Specialist Advice
When you have CCJ and you are looking for a mortgage it is imperative that you seek professional advice from a specialist CCJ mortgage broker. The more traditional mortgage lenders do not tend to lend to people with CCJs. It is for this reason that you will need to get in contact with a specialist CCJ mortgage broker that will have access to niche lenders that will take a different view on your circumstances. They will assess your situation with a different set of criteria, looking for reasons to lend rather than only seeing the risks involved. Specialist CCJ mortgage brokers are the key to ensuring that you get the best CCJ mortgage offer available.
