CCJ Mortgages explained - Apply for a CCJ Mortgage
For those who want to find a mortgage but live under the constraints of a county court judgment, it may prove difficult to find a CCJ mortgage provider. The majority of banks will simply refuse to consider an application from an individual with a CCJ (county court judgment) – making it difficult to buy a house with a reasonable rate of interest.
However, there are specialist providers who deal with county court mortgages and can cater to those with a poor credit history. The downside is that CCJ mortgages often include tie-in periods and poor rates of interest. This means that borrowers are often offered unattractive deals which often result in large amounts of debt.
Although most high street banks do not deal with county court mortgages, it is still worth investigating the matter. Some banks may be more sympathetic if their client has an unblemished banking history.
Apply for a CCJ Mortgage
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What is a CCJ Mortgage?
‘CCJ’ refers to a County Court Judgment if you have unpaid debt. Obviously having unpaid debt will harm your mortgage application – as you are higher risk to the lender. That said you could get CCJs against you for a large unpaid debt or an unpaid utility bill, so mortgage lenders are often sympathetic depending on the situation, particularly if prior to the CCJ you had good credit history.
Will Taking Out a Mortgage Negatively Affect My Credit Rating?
Understandably if you have CCJs you will be concerned about harming your credit rating further. Although a mortgage is a ‘loan’ it can help your credit rating as you can show that you meet the regular monthly repayments. Furthermore getting on the property ladder will increase your personal assets.
Will a CCJ Mortgage Cost Me More?
Yes. Because you are higher risk, a mortgage will cost more for some one with CCJs relative to the equivalent traditional mortgage. The mortgage interest rate is usually higher, but remember that since 2004 the Financial Services Authority regulation of the bad credit mortgage sector has ensured that borrowers are treated fairly no matter what their situation.
If you are interested in owning property but suffer from bad credit history then a CCJ mortgage could be the answer: by using a reputable mortgage broker, comparing quotes and being realistic about your finances and what you can afford, you can become a home owner and begin to improve your credit rating.