How A CCJs Mortgage Lender Can Get You Out Of Debt
If you need a CCJs mortgage lender, the chances are that you have a problem with debt. You may have overspent on your credit cards, had a family occasion that need a big cash infusion or just bought lots of presents for Christmas. Whatever the reason, your finances are in disarray and you have decided you need a CCJs mortgage lender. Well, there’s good news. The decision to use a CCJs mortgage lender might be the first step to getting you out of debt.
A CCJs mortgage lender , as the name suggests, is someone who is prepared to lend money to someone who has CCJs – County Court Judgements. These are judgements issued in the County Court when creditors have attempted to recover the money that debtors owe. The CCJ will record the amount of the debt, who it is owed to and the payment arrangement. But even having CCJs does not mean that you can’t have a mortgage. In fact, a CCJs mortgage lender is usually a specialist in this area and will welcome your business.
Going to a CCJs mortgage lender will be just one step in sorting your debt out. The CCJs mortgage lender will want to know how many CCJs you have and to what value in order to assess the interest rate you can get. Common bands for assessing CCJs are under £500, between £500 and £2,000, between £2,000 and £5,000 and over £5,000. Bear in mind that the bands may vary depending on the CCJs mortgage lender you choose.
Adverse Credit Circumstances
The CCJs mortgage lender will also take other circumstances into account, such as any other adverse credit circumstances you might have, in assessing what kind of interest rate you will get. If you have been made bankrupt or have entered an individual voluntary arrangement, then these will also be considered in determining the deal you can get.
If you go for a remortgage deal from the CCJs mortgage lender you will be able to release some of the equity in your home and use this money to repay your debts. If you have owned your home for a year or more, the chances are that it will have increased in value, with the recent general property boom, so there will be at least some equity to release. If you’ve owned your home for longer, getting a loan from a CCJs mortgage lender could give you enough to clear all your debts and start the process of fixing your credit status.
A loan from a CCJs mortgage lender can often be used for credit repair and many lenders sell their products in this way. This is because if you clear your debts and pay the mortgage properly then your credit report will show that. It means that after a few years, you may be able to move to a better deal, avoiding the high interest rate that you are likely to pay at the start. This is a good reason to consider using a CCJs mortgage lender.