Is it possible to find a mortgage lender that’s CCJs friendly?
A mortgage lender, CCJs and bad credit ratings. These are not things that necessarily go together. A standard mortgage lender sees CCJs as proof of a high-risk customer, and because they are only interested in low-risk clients, they will often decline a mortgage application from people who have one or more County Court Judgements or CCJs against them, or any form of debt, whether it is credit card, store card or loan debt.
Mortgage lender – CCJs friendly
Finding a mortgage lender CCJs friendly is easier than you think. There are more people with CCJs against them than ever before, which means that there is a growing demand for mortgages that differ from standard products. There are a number of entrants into this market and it is becoming more competitive, encouraging lenders to reduce their interest rates in order to attract new clients. Finding a mortgage lender that’s CCJs friendly can be done with the help of a mortgage broker. Qualified and professionally trained, a specialist broker can help to find a mortgage lender for CCJs clients, by looking at your current financial situation and searching the market for the products that best meet your needs.
Mortgage Lender – CCJs Applications
Applying to a mortgage lender with CCJs in your credit history should be fairly straightforward. The lender may ask you to disclose all the details of your current debts, or they may just run a standard credit checkwhen they receive your application.Whatever method they use, it is worth checking your credit record yourself, so that you know exactly what the mortgage lender will see. Whether you have one CCJ or a number of them, you should consider starting to clear them, as this shows that you are serious about reducing your debt, which may work in favour with your mortgage lender. CCJs that are paid within a month of notification may not appear on your credit record at all, whilst those that remain unpaid will stay on your record for up to six years, even if you clear them in the intervening period. As long as your application is accurate and honest, and you have it checked by the lender or by your mortgage broker before you submit it, you shouldn’t have a problem obtaining a mortgage.
Mortgage Lender – CCJs Benefits
No matter how much debt you have, you should still be able to get a mortgage. A whole range of specialist products exists in order to help you get onto or remain on the property ladder, and although interest rates may be higher, and restrictions placed on you for a certain period, regular payments towards your mortgage debts could have a positive effect on your credit rating. In addition, by choosing a mortgage lender for CCJs, you will be able to purchase a property which may increase in value, giving you additional equity which may be useful to you when you come to refinancing your mortgage.