Mortgage with CCJ topics covered.
- What is a CCJ?
- Can I get a mortgage with a previous CCJ?
- How long does a CCJ stay on my credit file?
- Does satisfying a CCJ increase my chances of obtaining a bad credit mortgage?
- What is the deposit level for a CCJ mortgage?
- How much I can borrow with a CCJ?
- Can I remortage with a CCJ?
- Can I get a buy-to-let mortgage with a CCJ?
- Can I get a CCJ mortgage in Scotland?
- Speak to a CCJ mortgage advisor
CCJ Mortgage Advisors.
Our Mortgage Experts Online accredited advisors are specialists in shared ownership mortgages. Furthermore, our expert’s knowledge will help you to find the right CCJ mortgage on the market.
From big high street banks and building societies, to smaller more niche mortgage lenders, there is a lot of choice out there. Subsequently, this may feel completely overwhelming to you. Likewise, you may have no idea where to start. We can offer you guidance and help you navigate the complex world of CCJ mortgages.
The brokers we work with are whole of market and offer completely unbiased advice, ensuring that you get the absolute best deal available.
Scroll down for more information and FAQ’s.
What is a CCJ?
A County Court Judgement (CCJ) is a court order that can be registered against you. This can be as an individual or as a business. This can even be for something small such as parking fine.
A CCJ is considered more serious by a mortgage lender because by the time it gets to this stage you will have had numerous reminders and legal correspondence from the issuer. The lenders will see a CCJ as an unwillingness to pay a debt. The correspondence will offer alternative ways to avoid any court action.
If you do not respond, then the court will make a ruling based on the information presented. They will then write to you to say.
- The amount you owe.
- How you need to pay it.
- Deadline for payment.
- The company you should pay and details on how to do so.
You will get a certain amount of time to pay the debt in full. If you do so, then it will not be recorded on your credit file.
As you can see the process is not a short one and therefore a CCJ is seen as more serious than a defaulted account.
If you get a CCJ and can satisfy it within 1 month you can get is set aside. Click here for more information.
Can I get a mortgage with a previous CCJ?
A County Court Judgement (CCJ) can be very harmful. Especially, when it comes to opening a bank account or applying for credit cards or a CCJ mortgage. A CCJ is essentially a court order registered against you for failing to keep up with agreed payments, as an individual or company. We are often asked if you can obtain a mortgage with a CCJ. The good news is that some types of bad credit mortgage are available. However, a successful application will depend on a range of factors – such as how recently it was registered. Therefore, the older the CCJ and satisfied the stronger your chances of getting a CCJ mortgage.
How long does a CCJ stay on my credit file?
A CCJ remains on the Register of Judgement, Order and Fines and on your credit report for 6 years. This is from the date the CCJ was registered at the court. However, even with a CCJ on your credit file it is still possible to get a CCJ mortgage. Generally, any case will look stronger with a satisfied CCJ.
Does satisfying a CCJ increase my chances of obtaining a bad credit mortgage?
If the CCJ in question has been declared as ‘satisfied’, you have an improved chance. This means that you have stumped up any outstanding charges and the CCJ has been concluded. However, some bad credit mortgage providers specify that 12 months need to have passed on a settlement. Others may have more relaxed criteria. The sum involved with the CCJ can be a big factor also. If it is considered to be too hefty a sum, then you can expect this to affect the loan-to-value (LTV) ratio, which means lenders are less likely to take a risk on you. If there are multiple CCJs, this can bring further setbacks. Such as, a track record of late or missed payments will hinder your mortgage options. A satisfied CCJ will increase your chances of getting a CCJ mortgage.
What is the deposit level for a CCJ mortgage?
The amount that potential lenders ask you to provide as a deposit is likely to vary according to the type of CCJ you have registered against you – or the age of it. Therefore, the older the CCJ, the more reasonable you can expect your deposit percentage to be. If you have been suffering from credit issues, it could be that you have a CCJ against your name without your knowledge. Likewise, it is easy to miss a court order if you have recently moved address, for instance.
If you have 5% deposit, the only option would be with the government backed Help to Buy Scheme. Click here to read all about the Help to Buy scheme.
As a rule, the more deposit you have the better your chances of being accepted. In the current climate you would need a 15% deposit. For the best rate available for a CCJ mortgage the bigger the deposit will equal a better rate of interest. Criteria is always changing, for the most up to date information make an enquiry and speak to one of our team.
How much I can borrow with a CCJ on my credit file?
Each case is assessed on its individual merits. The typical calculation is between 4-5 times income. Ordinarily, the larger your deposit levels the more chance of borrowing more money.
They will also look at your income and any other expenditure, other debts, childcare costs and basically any monthly commitment.
Using the right lender for your circumstances is pivotal in ensuring you can borrow the money needed and at the best possible rate of interest for your CCJ mortgage.
Can I remortgage with a CCJ?
Yes, you can remortgage with a CCJ mortgage. However, there will be a wide variety of different lenders offering different rates. As such, our experts will be able to explain all the options available around CCJ mortgages.
How can I get a buy-to let mortgage with a CCJ?
The criteria for a CCJ mortgage buying a buy to let, works in the same way as normal residential. The rate of interest will be higher to reflect the perceived risk form the lender. Your mortgage expert will be able to explain all the options available to you.
Can I get a CCJ mortgage in Scotland?
Yes, the mortgage advisors we work with are vastly experienced in arranging CCJ mortgages in Scotland. CCJ mortgages follow the same principal as the rest of the UK.
To access the very best deal for your sole trader mortgage, contact us today.
Speak to a CCJ mortgage advisor.
There are many lenders available ranging from high street to specialist lenders. Most people go to their own bank, get declined or cannot borrow what they need. However, just because one lender has declined you, do not give up.
Our mortgage experts will look at each case before deciding which lender is right for you and your individual circumstances. Furthermore, all the mortgage brokers we work with are whole of market and offer unbiased advice. They will have access to all the specialist lenders to really enhance your chances of achieving the mortgage you need.
The expert brokers we work with have experience in dealing with all aspects of CCJ mortgages, and importantly using the whole of the market to access the best deals available.