CCJs Problem Remortgage | Will It Solve Your Debt Problems?

So You Have A CCJs Problem Remortgage To Solve It

If you have a CCJs problem remortgage products could be the answer. With CCJs problem remortgage lenders may be able to help you sort out your finances and get back on a firm footing. It is easy to pick up County Court Judgements (CCJs) these days. Whether it's because of family breakdown, job loss or illness, there are many people who are teetering on the edge of debt. Add to that those who have missed a mortgage or credit card payment (hundreds of thousands of us) and those who are still struggling with old student debt and you can see why so many debt charities and financial institutions are concerned about the UK's debt situation..

If you find yourself in one of these situations then a CCJs problem remortgage could provide the solution. Like any other remortgage a CCJs problem remortgage will allow you to free up the equity in your home. What you do with the money is up to you, but it could provide the solution to your debt problems. Many lenders offer a CCJs problem remortgage specifically so that people in financial difficulty can consolidate their debts. This has a number of advantages. Even with the loading that is applied to a CCJs problem remortgage borrowers are likely to pay less than they would for a credit card debt or for an unsecured loan. That's because the security of your home means that lenders have an option if you fail to pay.

If you have a CCJs problem remortgage providers could also help you to repair your credit. This means that you would start with a CCJs problem remortgage but would eventually move to a mortgage with better interest rates. Usually this takes a couple of years, as many adverse circumstances can disappear from your credit record after this time. If you have had a bankruptcy or individual voluntary arrangement as well, it will take six years before the details of those events disappear from your credit history.

CCJs Remortgage Products

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

With a CCJs problem remortgage products will differ in what you might be offered. The variation will depend on when your CCJs were issued, whether they have been satisfied and the value of those CCJs. So with a CCJs problem remortgage lenders will make a distinction between borrowers who have had a couple of CCJs some time ago for a small amount and those who have unsatisfied CCJs for large amounts.

To give an example, Kensington Mortgages, a specialist mortgage lender, has a range of CCJs problem remortgage and mortgage products. There is no issue about whether CCJs have been satisfied or not, but the difference between the rate for an applicant with £500 worth of CCJs and an applicant with unlimited CCJs is 1.25 per cent. And additional loadings are applied for other adverse circumstances. Finally, there are additional loadings for self certification applicants and those who require flexible mortgage features. However, one thing is certain, for people with a CCJs problem remortgage products are a good way to repay your debts and start again.

Can't find what you're looking for? Search here:

Adverse Mortgage Centre

Site Map | RSS Feed