Mortgages with CCJs

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Getting a mortgage with CCJs

Your credit rating is an important factor in whether you’ll be accepted for a mortgage. Often a lender will decline a customer with bad credit. Yet some specialist lenders will accept people with previous debt problems – even if these resulted in a County Court Judgement (CCJ). Home Financial can help you explore mortgages for clients with bad credit.

What is bad credit?

Everyone who has ever had a bank account or made payments for a product or service will have a credit record. It’s there to help companies decide whether to offer you a financial contract.

If you have good credit, that means you have paid for things on time and stayed within your credit limits. Meanwhile bad credit is a sign that you have been late with payments or fallen into debt.

Some people have adverse credit simply because they have never borrowed money before. Meanwhile, if you have County Court Judgements (CCJs) on your file, it’s a clear sign that you have failed to repay money owed.

Will anyone lend to me if I have a CCJ?

It’s possible to get a mortgage if you have a CCJ, but only if you have repaid the debt. It’s helpful if the CCJ is from a few years ago too.

The fastest way to find a mortgage deal post-CCJ is to have a large cash deposit. If you can put down 25% or more, many lenders are likely to accept you as a customer. Alternatively, you could take out a joint mortgage with someone who has no credit issues.

How long does a CCJ stay on my credit file?

Any credit problem remains on your file for six years, after which the record disappears.
The older your CCJ, the less impact it will have when you apply for a mortgage. If you received the CCJ in the past year or two, you will find it harder to get a loan.

Does the size of the CCJ affect my mortgage?

The size of the CCJ is important, especially if it is recent. A CCJ of more than £1,000 in the past 12 months will be a big warning sign to a lender, while a settled debt of a hundred pounds or so five years ago may not be of much concern.

How do I improve my credit score if I have a CCJ?

There are various steps to improve your credit history. First, check with the local authority that you’re on the electoral roll – this is a basic requirement for credit. Look at the records that the main credit agencies hold on you in case there are any errors. Correcting these can improve your credit score.

The next step is to make sure you pay all your payments on time – especially on your CCJ, but also on your phone, utility bills etc. If you have a debt management plan, stick to it firmly.

Avoid applying for new credit too – every application for finance will show on your record. A high number of applications can be a warning sign to lenders.

First Time Buyers/Remortgage – will the process be different if I have a CCJ?

The process itself is similar whether you’re a First Time Buyer or if you already own a property. You will need to research your options for a mortgage, comparing interest rates and fees as well as the mortgage provider’s lending criteria.

Make sure that the repayments on your mortgage will be easily affordable and won’t add to your debt problems.

For a remortgage, the reason why you are considering a new loan is important. If you received the CCJ since you originally took out the mortgage, the impact on your credit rating could increase your mortgage rates and payments.

If you’re remortgaging to save money it could have the opposite effect. You should compare your options very carefully – or get a Mortgage Broker to do that for you.

How can a Mortgage Broker help?

Home Financial are mortgage professionals – it’s our job to find our clients the most suitable deals and compare the options on your behalf. If you have credit report issues, we can take a lot of the worry away.

We’ve helped many people with CCJs successfully obtain a mortgage and buy a home. We work through the whole process with you, searching across high street and specialist lenders for relevant options and supporting you with the mortgage application.

As appointed representatives we’re registered in England & Wales and authorised by the Financial Conduct Authority. We advise on all kinds of mortgages from residential loans to bridging finance and buy to let mortgages.

Your home may be repossessed if you do not keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage early.

Mortgages with CCJs

Ross from Home Financial NW has helped me through every step of the mortgage process over the last few months, a process made much more difficult owing to the fact I am self-employed. He has expertly guided me through every stage of my application and helped me to secure a mortgage for a new house. Throughout the last few months he has provided amazing expert advice in such a friendly way, it has made the entire process super easy and stress free! I would highly recommend Ross to anyone I know.

Mortgages with CCJs

Can honestly not recommend Ross Jones at homes financial enough, he’s been amazing our case was far from simple without the added issues from covid. He’s worked so hard to source us the best deal and to offer the best advice and guidance he could give, nothings been too much trouble. He fully guided us though the process supported ours decisions with data advice. Ross is Polite, professional, hard working, truthful and honest. Always quick responses to email and calls and goes that extra mile. I’ve already recommended Ross to multiple friends and family. He is an absolute credit to your team, thank you so much.

Mortgages with CCJs

Fabulous service! This our second time using home financial and wouldn’t go anywhere else. Ross is very knowledgeable and extremely supportive through the whole process. Huge thanks for all your help 🙂

Mortgages with CCJs

Ross and the team at Home Financial have been brilliant, can’t recommend them enough. They went above and beyond in explaining the process and putting us at ease. 5⭐

Mortgages with CCJs

A fantastic company to deal with Lindsey was amazing and went out of her way to answer our questions. She made the whole process easy and hassle free! Will continue using Lindsey and this company in the future.

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