Refused a Mortgage because of CCJs
Well you have come to the right place for a solution.
If you have had a CCJ registered against you in court, if you settle the amount due, it is possible to have a certificate of satisfaction which lets future creditors know that you have paid what is owed. A record of the judgement will remain on your credit file for 6 years from the date that the judgement was placed on you.
It is always important to check your credit file, should you have a CCJ placed on your file by mistake you should contact the country court and quote the case reference number included in your credit file. If the judgement has been made in error the court will then issue a certificate of cancellation.
When this is done, the Certificate goes back through the Registry Trust, a company contracted to the Lord Chancellor's department, which will inform the credit reference agencies who will then remove it from their files.
Removing CCJs
A CCJ can also be removed from the Registry Trust Records, and therefore your credit file if the debt is paid within one month of the judgement.
If/When you have judgements against you, no matter if outstanding or not, it is important to have further advice when looking for a mortgage, here at a mortgage 4 you we offer independent financial advice regarding a mortgage if you have defaults or CCJs.
Generally, the high street lenders will refuse to lend due to such factors as, the use of sophisticated computer based credit-scoring systems, combined with what they see as an unacceptable level of risk. Basically they dislike lending to customers who have had CCJs as they have already proven themselves to be a risk.
Specialist Lenders
There are however specialist lenders that take a different approach to lending to those with CCJs. They employ real people to assess an application for lending, real people who look for reasons in which to lend for purposes such as a mortgage, rather than reasons not to lend, real people with discretion to consider each application of individual basis. So it is possible to get a mortgage with CCJs we can help, simply call us on 0845 2 605 506 today.
However a word of warning, some of these lenders make themselves available direct to the public, and advertise themselves as 'all status' lenders. This means that in theory their lending policy will accommodate most applicants, i.e. the squeaky clean next time buyer to the recently discharged bankrupt.
If you are not aware of any of adverse credit information or the level of adverse credit registered against you and submit an application to these lenders, they will 'cascade' you down until you fit 'their box' in terms of credit misdemeanours and risk policy. Other lenders will almost certainly price their products differently, but of course if you submit to an all status lender..you may never know.
You should always seek the advice of an IFA with access to the whole of the market who will source the most competitive plan to suit your personal needs and demands.
