How to get a mortgage with a CCJ
A County Court Judgement (CCJ) is issued when you fail to pay money that you owe, and it can affect your mortgage chances. However, there are still ways of borrowing with a CCJ. Here are some tips to help you get a mortgage with a CCJ:
1. Check your credit report: Before applying for a mortgage, check your credit report to ensure that all the information is accurate. You can get a free credit report from credit reference agencies such as Experian, Equifax, and TransUnion.
2. Pay off your CCJ: If you have an open CCJ, it’s best to pay it off before applying for a mortgage. A satisfied court judgment - one which has been paid off, solved or settled - is looked on more favourably.
3. Wait for the CCJ to drop off your credit report: A settled CCJ disappears from your credit file after six years, and there are plenty of lenders willing to take you on if this is the case.
4. Save for a larger deposit: If you have a CCJ, you may need to save for a larger deposit to secure a mortgage. This will show lenders that you are financially responsible and can afford to make repayments.
5. Speak to a specialist mortgage broker: A specialist mortgage broker can help you find a lender who is willing to lend to someone with a CCJ. They can also help you prepare your mortgage application and select the most appropriate lender.
6. Consider a guarantor mortgage: If you are struggling to get a mortgage with a CCJ, you may want to consider a guarantor mortgage. This is where a family member or friend guarantees your mortgage repayments.
7. Improve your credit score: Improving your credit score can help you get a mortgage with a CCJ. You can improve your credit score by paying your bills on time, reducing your debt, and registering to vote.
In conclusion, getting a mortgage with a CCJ is not impossible. By following these tips, you can increase your chances of getting a mortgage and owning your own home. Remember to check your credit report, pay off your CCJ, save for a larger deposit, speak to a specialist mortgage broker, consider a guarantor mortgage, and improve your credit score.
If you’re looking for bad credit mortgage advice in Tyldesley, Leigh, or Atherton, check out Our Services page to learn more about how we can help.
Please note that this blog post is for informational purposes only and should not be considered financial advice. For personalised advice, please consult a mortgage advisor.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.