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CCJ Mortgages and County Court Judgements
CCJ Mortgages advice. Mortgages with CCJs
Do you have mortgage problems because of CCJs?
If you have had a CCJ registered against you, if you settle the amount due,
it is possible to obtain a "Certificate of Satisfaction", which lets potential
creditors know that you have paid what is owed. A record of the judgement will
remain on your credit file for six years from the date of the judgement.
Should a CCJ have been put on your file erroneously, you should contact the
County Court, quoting the case reference number included in your credit file
report. If the judgement has been recorded in error the court will issue a
"Certificate of Cancellation".
When this is done, the Certificate goes back through the Registry Trust, a company contracted to the Lord Chancellor's department, which will inform the credit reference agencies who will then remove it from their files.
A CCJ can also be removed from the Registry Trust Records, and therefore your credit file if the debt is paid within one month of the judgement.
When you have County Court Judgments, satisfied or not, it is important to seek specialist advice when looking for a mortgage borrowing facility.
Why?
Generally, the high street lenders will decline to lend due to such factors as, the use of sophisticated computer based credit-scoring systems, combined with what they see as an unacceptable level of risk. Basically they dislike lending to customers who have had CCJs.
The specialist mortgage lenders take a different approach. They employ real people to assess an application for lending, real people who look for reasons to lend, rather than reasons not to lend, real people with discretion to consider each application of individual basis. So it is possible to get a mortgage with CCJs if you know where to go.
However a word of warning, some of these lenders make themselves available direct to the public, and advertise themselves as “all status” lenders. This means that in theory their lending policy will accommodate most applicants, i.e. the squeaky clean next time buyer to the recently discharged bankrupt.
If you are not aware of any of adverse credit information or the level of adverse credit registered against you and submit an application to these lenders, they will “ cascade” you down until you fit “their box” in terms of credit misdemeanours and risk policy. Other lenders will almost certainly price their products differently, but of course if you submit to an all status lender…..you may never know.
This could be expensive.
You really can’t beat the service provided by a good mortgage broker, who should take your case to the mortgage market, and obtain the best terms available at the time.
If you would like a free initial discussion about mortgages with CCJs please
call us free on 0800 316 5756. Our qualified mortgage advisers will be able to
quickly assess your circumstances and suggest a way forward.
The overall cost for comparison is 7.9% APR The actual rate available will depend upon your circumstances. Ask for a personalised illustration.