A County Court Judgement (CCJ) is an order released by a county-level court under special circumstances such as if you default on a loan or do not pay your utility bills. This special court order outlines the terms for the repayment of your debt. If a CCJ is registered against you, you may encounter problems being approved for credit when applying for loans and mortgages in the future. If you are served with a CCJ, it normally stays on your credit report for up to six years.
If a CCJ is completely settled within 30 days of the date the judgment was made, it will not appear in the UK bad credit register. If a payment is made after 30 days, the judgment will still appear in the UK bad credit register, but it will be marked as being satisfied.
If you are in a position that does not allow you to repay the money that you owe to a lender, a company, or an individual, you may find yourself served with a CCJ. A CCJ mortgage is the kind of mortgage you need to look into if you have been served with a CCJ by your creditors. The judgment of a county court may be enforced in a number of ways. They can impose a fee on any property mentioned in the CCJ order, appoint a collection agent to your account, issue a reclamation warrant on your property, or they can deduct funds from your wages until your debt is repaid.
Getting a Mortgage When You Have a CCJ on Your Record
A CCJ is one of the many reasons that people face difficulties when they try to find a mortgage. If you have a CCJ registered against your name, it may affect your ability to get a mortgage or remortgage for up to six years. To get a CCJ mortgage is not an easy task. However there are some CCJ mortgage lenders who are willing to help you with your mortgage even if you have a CCJ on your record. The best way to begin looking for a CCJ mortgage is to speak with a mortgage counselor.
Mortgage companies providing CCJ mortgages take into account any previous CCJs against your name. Your CCJ mortgage rates will differ depending on how many CCJs you have, how long they have been on your record, and the total value of the CCJs. This means that these mortgage companies will look at your entire history in order to provide you with the best possible CCJ mortgage rate for your situation.
Some bad credit mortgage lenders will turn down your application for a CCJ mortgage if your judgement has not been settled or satisfied, but there are a number of lenders that specialise in providing mortgages for people with poor credit. However, due to the current economic conditions, the lending criteria have tightened somewhat, meaning that if you do not have a sizeable deposit and you have a CCJ or other credit issues, you will not be offered a mortgage with a competitive interest rate.
If you'd like help finding the best CCJ mortgage loan for you, take a minute to fill out out short questionnaire, and we will connect you with a professional advisor from the SimplyFinance network. This advisor will be able to advise you about a home mortgage loan based on your particular circumstances and will help you to find the best deals available to you.