So You Want To Re Mortgage-CCJs No Problem!
If you have bad credit and want to re mortgage CCJs (County Court Judgements) might seem like an insurmountable problem but that’s not the case at all. There are plenty of lenders who will allow you to re mortgage CCJs or no CCJs – and you can have other adverse credit circumstances as well. If you want to re mortgage CCJs, arrears and defaults will be taken into account, but there are dozens of lenders who cater for this market. Here are some generic examples of the deals that are available if you want to re mortgage CCJs included.
Subject to prevailing market conditions, lenders have previously catered for deals for mortgage and where re mortgage CCJs have been accepted. In the ‘near prime’ category CCJs of up to £1,000 and one case of arrears in the previous 12 months have been accepted. There has also been re mortgage CCJs products giving access to tracker deals with some in the past offering cash back (Please call to see if this is still available), overpayments of up to 10 per cent a year and portability. Arrangement fees are market related and early repayment charges are in line with other lenders. Rates can hover above the Bank of England base rate by a couple of percentage points and will change all the time. These loans have been available up to 90 per cent loan to value.* Although with current market conditions these products will come and go and will only be available when lenders feel they are appropriate.
Some lenders have also had products for mortgage and re mortgage CCJs where the CCJ’s can be as high as £8,000, with arrears acceptable up to a total of three and satisfied and discharged bankruptcies have also been acceptable. Tracker deals have been available with cash back, allow overpayments of up to 10 per cent a year and are portable. Arrangement fees are again market related and early repayment charges are in line with other lenders. Interest rates are higher in this band. Historically the heavy adverse category has catered for mortgage and re mortgage CCJs where the total may be as high as £12,000, arrears may total six and there is no limit on the length of time that bankruptcies or individual voluntary arrangements (IVAs) have been satisfied. Similar incentives are available, with interest rates even higher.
Incentives For Heavy Adverse Loans
These incentives also apply to the ‘unlimited adverse’ category from some lenders. As the name suggests with a re mortgage CCJs where arrears can be unlimited and there are no limits imposed on the satisfaction of IVAs and bankruptcies.The interest on these deals, which generally fall in to the lower loan to value band, is the highest of the available adverse credit bands.
There has been many lenders who have allowed customers to re mortgage CCJs and all. Specialist lenders in the adverse credit field include Edeus. UCB Home Loans, Platform, Kensington and many others. In fact the Council of Mortgage Lenders estimates that there are 30 lenders in this field. Meanwhile, more and more brokers are getting in on the action as more people want to re mortgage CCJs taken into account. This could be because of increased consumer debt which means that people are struggling to live within their financial means. Interest rate hikes do not help either, and many people are now looking to switch to better deals. The research suggests that the adverse credit mortgage market will continue to grow in the near future, as the conditions that produce credit impairment continue to exacerbate. That means there will be more demand to re mortgage CCJs and all.
* It is again worth noting at this point that all the products mentioned above are not always available and are subject to market conditions. It is advisable to check with us in regard to availability.
