What is a CCJ?
Firstly, let’s start with what a County Court Judgement (CCJ) is; A CCJ is a type of court order which can be registered against you or your business if you fail to repay
money you owe. This could typically be a mobile phone bill or even your credit card!
A CCJ can rapidly reduce your once gleaming credit score if it’s not repaid within 30 days. A CCJ can then have serious consequences on your ability to obtain credit and potentially could stop you from getting a Mortgage from a high street lender. Let’s explore how Bristol and Bath Financial Services can help you get a Mortgage if you have ever had a CCJ.
How is a Mortgage with a CCJ assessed
Previously, most Mortgage lenders relied upon credit scoring through such agents as Experian
or Equifax. What certain lenders have identified is that credit
scoring is not everything, these specialist lenders now use ‘manual underwriting’ to assess applications, this is where a real life person
(yes, I said a real life person)
will assess your application rather than a computer ‘saying no!’ The underwriter will look at the whole situation and assess your ability to repay, this will involve
looking at your income and expenditure. The underwriter will then stress test your ability to repay the Mortgage at probably a higher rate than normal but he/she
will consider
whether you have been paying rent and more so, how much this rent is.
An underwriter will be thinking if you have been comfortably affording £750 per month in rent why can’t you
afford a Mortgage for £750 per month.
Mortgages with credit issues are not un-common and more and more specialist lenders are coming on to the market to help you, yes you
get a Mortgage with a CCJ.
"Believe you can and you're halfway there"
We can help you get a Mortgage with a CCJ
Bristol and Bath Financial Services have years of experience and can help you find a Mortgage with a CCJ. We use our excellent contacts in the market to get you a Mortgage deal even if your CCJ was within the last 12 months (subject to criteria) contact us now through social media or email me here
