Mortgages with CCJs
If you are looking to secure a mortgage, but have been issued a CCJ (County Court Judgement), you may find it more difficult to track down a deal that suits your circumstances. However, with support and guidance from the team here at CLS Money, it may be possible to either remortgage or buy a new home sooner than you think.
A CCJ is a court order made in England, Wales or Northern Ireland that can be registered against you, if you fail to make the agreed repayments on a finance plan. A CCJ will severely impact your credit score and credit history. Mortgage brokers and specialist lenders check the credit file for every applicant, making it hard for those with credit issues and a poor credit record to post a successful mortgage application.
However, with the kind of expert mortgage advice provided by CLS, all is not lost. We are specialists when it comes to matching the best mortgage broker to client, finding CCJ mortgages for applicants who have often given up hope.
There’s no hiding from these kinds of marks on your credit record, because CCJ information is in the public domain. A lender will be able to see straightaway whether or not you owe, or have owed, another party money and have failed to settle your debts on time, and this could affect your chances of being accepted for a mortgage.
When it comes to applying for a mortgage with a CCJ, your success rate largely depends on how long ago the CCJ was issued. It takes six years for a County Court Judgement to disappear from your credit report. However, mortgage companies will view you more favourably, if the judgement was registered more than three years ago.
Lenders are also more likely to consider you for a mortgage if you only have one CCJ. If you have multiple court orders or the value of the CCJ is/was high, you may still be able to get a deal. But, you may have to accept a lower Loan to Value (LTV).
Contact CLS Money today to discuss your options with one of our experienced CCJ mortgage specialists.