Many of you may have been denied a mortgage because of your poor credit. Mortgage brokers today use modern criteria to evaluate each person and their current situation. You could still get a mortgage deal despite having bad credit or CCJs.
Here are 6 guidelines for getting a ccj-mortgage
#1 What is a CJ?
A CCJ can have a serious impact on your credit score, particularly when you are trying to open bank accounts or apply for mortgages and credit cards. It stands for County Court Judgement. An order of the court against you, whether as an individual or as a company, for not paying agreed payments.
#2 Obtaining a mortgage using a CCJ
It is possible to get a mortgage even if your credit score has a CCJ. It all depends on many factors.
The CCJ’s date of registration is one key factor. The more recent the CCJ is, the greater your chances of success.
You will have a better chance if the CCJ is marked as satisfied. This indicates that the CCJ is resolved and you have paid all outstanding charges. While some lenders prefer that a settlement be completed within 12 months, others may require that a shorter time period be allowed.
A major factor is the amount of the CCJ. Lenders are less likely to accept the risk if the CCJ is considered excessive or too high.
This can lead to more problems if you have multiple CCJs. Your mortgage options will be limited if you have a history of missed or late payments.
The type and age of your CCJ will affect the size of the expected deposit. The more experienced your deposit percentage should become, the older the CCJ.
#3: How can I tell if I have a CCJ?
Credit problems can be caused by a CCJ. You may not be aware of a CCJ against your name. It could be that you have moved and didn’t receive the notice. For PS4, you can verify your identity by checking the Register of Judgements Orders and Fines.
#4 What is my credit score?
Credit rating is an aggregate of many components. You may be a factor if you’ve failed to pay your bills or not been on the electoral roll. As you are less likely to be a risk and more reliable, the higher your credit score will make you more attractive to potential lenders. Credit approvals are more likely to be denied if your credit rating is lower.
#5 How do I calculate my credit score?
Many websites are available that provide a rough idea of your credit rating. Experian is a popular one. This will allow you to determine which types of mortgages are available and is highly recommended before you begin the application process.
#6 Can I repair my credit score?
There are many steps you can take to improve your credit score. It all comes down to being more disciplined and consistent in managing your finances. Your score will improve over time by paying your bills on time, catching up on your payments, and avoiding taking out loans or credit cards.
Mortgage Key for Bad Credit
We offer impartial and free advice as an independent mortgage broker. We are experts in the mortgage process and can help you to avoid pitfalls and complications. Each situation should be assessed individually to increase your chances of getting a mortgage.