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How To Get A Mortgage With CCJ's

Jun 11, 2008
As the number of people with substantial debt is increasing year on year, so is the number of people with CCJs registered against them. As a direct result of this the number of mortgage brokers specialising in lending to people with CCJs is also on the increase. However this has taken a major step back in the past few months due to the credit crunch which originated in the US and has now affected markets worldwide. We set out here to show you how to get a mortgage if you have CCJ's,

The reason for this increase in subprime mortgages is mainly due to the fact that the interest rates that the lenders are able to charge are normally higher than with other borrowers and thus profit margins are potentialy higher.Whether or not the mortgage lenders will lend to you is linked to the amount of risk they see in you paying the money back. If you are judged to be a high risk case, in other words there is a high risk that you might not be able to pay the money back, then the amount of interest you will be charged will also be increased.

A County Court Judgement is seen as an indicator of risk. This does not mean that you won't be able to get a mortgage, it simply means that if you are looking for a CCJ mortgage then you will be judged to be a high risk case and as such you can expect to pay a higher rate of interest. To draw an analogy having a CCJ and getting a mortgage is a bit like getting car insurance after an accident. You will still get what you want but the price will be higher as the risk is greater.

First Steps

The first steps to be considered when applying for a CCJ mortgage is to ensure that you have a "Certificate of Satisfaction" if you have settled the amount of debt that you owe or that if the CCJ is incorrect that you ensure that this is corrected as soon as possible. If you pay the debt owed within one month of the CCJ the CCJ may actually be removed from your credit file completely.

CCJ Mortgage - Specialist Advice

When you have CCJ and you are looking for a mortgage it is important to seek specialist advice from a specialist mortgage broker. The more traditional mortgage lenders do not tend to lend to people with CCJs as they deem the risk factor to be too high. It is for this reason that you will need to get in contact with a specialist mortgage lender as they 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. These specialist CCJ mortgage brokers are the key to ensuring that you get the CCJ mortgage that you require.
About the Author
Geoff Hibbert has over 30 years experience at the forefront of the uk finance markets
http://www.creditrepairuk.co.uk
http://www.thedebtmanagementcompany.co.uk
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