Everyone Is Different
There is no one answer to the question ‘can I get a mortgage with CCJs?’ It depends on so many factors – how many CCJs do you have? Do you have any other debt problems? How much are you earning? How long have you lived in your home? How long have you had the CCJ for? There is no one definition for those looking for a mortgage with adverse credit problems. Maybe you would be able to get a mortgage – if you have equity in your home and a good income then the CCJ may be overlooked. Of course you may also be turned down. These are tough times and lenders are not looking to take on risk. So can I get a mortgage with CCJs? Maybe.
First-Time Trouble
For those looking to get on the housing ladder, even those not asking can I get a mortgage with CCJs, things are very hard. A first-time buyer has little good credit, no equity and unless they have considerable savings, little chance of being able to afford a mortgage. Latest figures estimate first-time buyers may need up to £20,000 to get a home*. So for those with a bad credit history it is going to be very, very hard to find a mortgage. But of course there is always a chance – again it is dependant on how much you earn, how much you have saved and how many CCJs you have. So can I get a mortgage with CCJs if I am a first-time buyer? It is unlikely.
Other Options
Of course, there are other options for those asking can I get a mortgage with CCJs. The Government has launched several initiatives over the last six months to help those with adverse credit to get a mortgage. Loan schemes with housing associations may be the solution if you are one of those asking can I get a mortgage with CCJs. Others may just have to wait out the economic storm – as time goes by, mortgage availability will improve and your CCJs will become a distant memory.
Talk To Someone
If you are asking can I get a mortgage with CCJs, talk to a professional. Everyone is different and everyone has a different chance of knowing whether the question can I get a mortgage with CCJs can be answered positively. Whatever an adviser tells you there are always other options and there are always other chances to get on the property ladder in the future.
* Co-Operative Bank, September 2008
