Home » Mortgages » Mortgages With CCJ

Mortgages With CCJ

In this article we tackle a common question – are mortgages with ccj possible? We look at the options to help someone who has a ccj in finding a mortgage.

Getting Mortgages With CCJs

A Country Court Judgment or CCJ is an order by a country court for one party to pay his debt to another party. This commonly occurs between two parties who have disputes regarding an alleged debt which was not settled by both parties out side the court system. Country Court Judgment can definitely affect your name in getting future mortgage applications.

If you have a CCJ record on your credit history, you will most likely not able to apply for a standard mortgage loan. Instead, you will be regarded as someone who has an impaired credit record. With such condition, you will only be given the chance to apply for a bad credit mortgage loan or product. This can be a very difficult reality because bad credit mortgage products are charged with higher interest rates than their standard counterparts. It is also more difficult to find products given to home owners with impaired credit.

Steps To Get A Mortgage With A CCJ

It is therefore essential that all debt disputes should be settled outside the court system. This can be remedied in a few number of solutions like debt management program, arrangements, or full and immediate repayment of the debt. However, if any of the above-mentioned solutions are not executed, then it is most likely that this will reach the country court system to settle it one way or another.

Opposite to the popular belief, contesting a debt in the country court will not automatically lead the case to a CCJ and entered into your credit file. If this were the case, many people would not have been inclined to dispute a debt in a country court that they authentically believe they don’t owe.

Maximising Your Chances Of Mortgages With CCJ

Similarly, if the court rules or have ordered you to pay for the entire debt, your name will not be entered in the country court system register. This can be possible given that you are going to par for the entire amount of your debt in a period of thirty days. This will also encourage people to fight the creditors if they do not believe they owe them the money. Even if you lose, your credit file will be able to escape without impairment.

Therefore, it is best to settle your debt immediately once you have received a judgment entered against you. If you fail to pay it in a period of month, your name will then be entered in the registry of the country court and this will cause a negative impact on your credit file. This record will stay on your file for a period of six years. If such thing happens, then you are banned to get any types of loans or mortgages and this will immobilize your chance of improving your financial status.

So Are Mortgages With CCJs Possible

In order to get a mortgage with ccj you will need to use a specialist broker, there is a specialist niche of lenders who specifically create mortgage products for individuals with ccjs or bad credit.

If you have had a CCJ but have now paid any debt off then you can obtain a certificate in stating so which then says to the lender you have cleared any debt. This may or may not allow you to get mainstream mortgage products but it will definitely help. Getting a mortgage with ccj is definitely possible, you just need to find the correct product or broker to use.