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You may believe that remortgaging with a CCJ on your credit report is nearly impossible. Whilst that may be the case with many high street providers, you could find that you stand a better chance applying through a specialist lender.
They are often realistic enough to know that your credit history doesn’t always reflect your current affordability. This is why some place less importance on your credit score and more on the information you can provide to them directly. Read on if you’re looking to remortgage with a CCJ and find out what’s involved in the process.
If you have a County Court Judgement (CCJ) on your credit file, it may still be possible to get a new mortgage for your home.
When reviewing an application, lenders will look at several factors, including:
You can speak with the Willows team about this or anything else to do with the application process, and we can help to match you with a suitable lender.
In general terms, the larger and more recent the CCJs are, the more they may affect your chances of remortgaging.
When it comes to older CCJs, the opposite can also be true, as depending on the date they were issued, some lenders may be willing to overlook them.
That said, we do also work with lenders that are willing to consider CCJs that were registered as recently as last month.
The bottom line is, there is no single factor that will determine the outcome of your application. The lenders we work with will base their decision on your individual circumstances after looking at everything relevant to their criteria.
Most specialist lenders tend to cap their loan-to-value (LTV) ratios at around 85%, although there are some that may offer slightly higher or lower than this figure.
When reviewing your application, the age and financial amount of the CCJ will be taken into consideration, as this helps them to assess the level of risk involved on their part.
This can affect the maximum LTV offered as part of a mortgage deal, so the amount of equity you will need for your new mortgage will vary based on the outcome of the lender’s findings.
Most high street lenders tend to be wary of approving mortgage applications from individuals with outstanding CCJs.
However, we do work with some specialist lenders that are willing to consider applicants with CCJs.
They have more experience dealing with complex cases and processing applications from people with adverse credit backgrounds, which allows them to offer more flexible terms compared to high street lenders.
To find out more about how specialist lenders work and how they may be able to help you, get in touch with us today for an informal chat about your situation.
When searching for and comparing mortgage deals there is a lot of information you need to consider, which can make the process quite stressful.
Using a mortgage broker can prove beneficial in a variety of ways, such as:
You may find it helpful to get a free, no-obligation quote before you proceed to a full application.
This won’t affect your credit score and will give you a better idea of how much you can borrow, and the cost involved.
Getting a quote won’t affect your credit score
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It’s important to know that interest rates and other associated fees tend to be higher if you have a CCJ on your credit file.
This is because lenders associate CCJs with increased risk, which is reflected in the pricing of their mortgage products.
Before you apply it’s a good idea to create a budget to ensure that you can afford to take on the new mortgage for the agreed term.
If you default on your mortgage, the lender could seek to repossess your home and sell it to reclaim lost funds. This is often the last resort, but it is an option available to them.
Although each lender has its own specific criteria, they generally tend to ask applicants for the following:
To find out more about what this involves, get in touch with the Willows team to see how we can help you prepare your application.
This depends on your circumstances and financial situation.
If you do not have a time limit you are working to, you may find it beneficial to let the CCJ age to improve your chances of being offered better terms.
On the other hand, many people need to remortgage for specific reasons that require them to find a deal as quickly as possible.
It’s always helpful to have as much information as possible about the remortgaging process, especially if you have an adverse credit history.
At Willows, we have years of experience of helping people with CCJs to find a mortgage lender that can offer a deal that works for them.
To find out more about how we can help, you can speak with a member of our team today by calling 01656 766 158.
At Willows Finance we ensure your personal information is kept secure and confidential.
PRIVACY OF YOUR INFORMATION
At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
This statement provides you with details of the type of information we may hold about you, how we obtain and use information and how we protect your privacy.
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 6678545 (Registered in England and Wales)
This document outlines the services we provide. If you need clarification, please contact us at 01656 766158.
We offer first and second charge regulated mortgage contracts for business or personal use.
Other finance options may include:
Regulatory Status:
We offer an advised mortgage broking service and provide enough information for you to make an informed decision.
We are not independent financial advisers. Free debt advice is available from the Money Advice Service.
You can view our privacy policy at: https://willowsfinance.co.uk/privacy-cookie-policy/.
Lenders may also have their own privacy policies which will be provided to you.
We charge a broker fee upon loan completion. The average fee is approximately 5%, depending on your situation.
Fee details:
No refund is offered after completion. You may pay upfront or add the fee to your mortgage. Fees and commission will be detailed in your ESIS and Mortgage Agreement.
You will receive a Mortgage Agreement and an ESIS document detailing:
You may cancel your application anytime before completion without any charge. Mortgages cannot be cancelled after completion.
Missing payments can lead to charges, repossession, and negative impacts on your credit rating.
Consolidating debt may result in higher long-term interest. Securing debt against your home increases risk.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
If you wish to complain, contact us at:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
You may be able to refer your complaint to the Financial Ombudsman Service.
We are covered by the FSCS. You may be eligible for compensation of up to £85,000 per person per firm for mortgage advice and arranging.
More info: www.fscs.org.uk
After processing your application, you’ll receive a Mortgage Agreement and have a 7-day reflection period.
Contact us during this period with any questions. To proceed, sign and return the agreement.
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