If you have a CCJs problem, lenders may not look upon your mortgage application favourably
Having a CCJs problem may give you a mortgage problem. Traditional mortgage lenders do not like risk, and people with adverse credit or a history of debt are not the type of customer they are looking for. Whilst this may seem depressing at first, there are dedicated lenders who can help people with a CCJs problem find a mortgage. This CCJs problem mortgage market is growing as the number of people with debt problems increases. It is estimate that in England and Wales over one million County Court Judgements (CCJs) are issued to individuals each year.
What is a CCJs problem mortgage?
A CCJs problem mortgage could be exactly what you are looking for. Although standard mortgage products may not be available to you, a CCJs problem mortgage is designed to help people in your position obtain a mortgage product that lets you get onto or climb higher up the property ladder. The interest rates may be higher than normal mortgages, and there may be some restrictions on when you can refinance, or repay the loan in full, but there are many products available on the market, and you should be able to find one that fits your circumstances.
How can I get CCJs problem mortgage advice?
As with all complex financial products, you should do some research and talk to the experts before you make any decisions. This is particularly true if you are already in financial difficulty. Not only will you be tired of dealing with various financial institutions, but it will help you greatly if you have someone professional and experienced handling your application and advising you on the products available. For this reason, it’s advisable to talk to a mortgage broker. By law, all mortgage brokers are now regulated by the Financial Services Authority (FSA), which controls the types of advice and information that a broker can give to its client. This means that your mortgage broker will be required to ensure that you understand all the advice you have been given, and provide you with written illustrations of how the various products that they recommend will work in practice. Firstly, check that your mortgage broker is regulated by the FSA, and then ask about their experience in dealing with the CCJs problem mortgage market. Not all mortgage brokers have the required experience, and it’s important that you take advice from someone who knows both the products available and has contact with the lenders. This means that they will be able to recommend the best products for you and that they will be able to get in touch with the lenders direct if there are any problems with your application.
How easy is it to get a CCJs problem mortgage?
No matter how much debt you have, you should be able to get a mortgage. Consulting a professional mortgage broker should help you to get the CCJs problem mortgage that suits you best. Once you have found the right products and submitted you application, it should be fairly straightforward to get approval for your CCJs problem mortgage. Additionally, in the long run, making regular mortgage repayments may also help to improve your credit rating.