As the number of people with substantial debt is increasing year in year, so is the number of people with CCJs against them. As a direct result of this the number of mortgage brokers specialising in lending to people with CCJs is also on the increase.
CCJ Mortgage Brokers
The reason for this increase in CCJ mortgages is mainly due to the fact that the interest rates that the lenders are able to charge are normally higher than with other borrowers. Whether or not the mortgage lenders will lend to you is linked to the amount of risk they see in you paying the money back. If you are judged to be a high risk case, in other words there is a high risk that you might not be able to pay the money back, then the amount of interest you will be charged will also be increased. A County Court Judgement is seen as an indicator of risk. This does not mean that you won't be able to get a CCJ mortgage, it simply means that if you are looking for a CCJ mortgage then you will judged to be a high risk case and as such you can expect to pay a higher rate of interest.
CCJ Mortgage - First Steps
The first steps to be considered when applying for a CCJ mortgage is to ensure that you have a "Certificate of Satisfaction" if you have settled the amount of debt that you owe or that if the CCJ is incorrect that you ensure that this is corrected as soon as possible. If you pay the debt owed within one month of the CCJ the CCJ may actually be removed from your credit file completely.
CCJ Mortgage - Specialist Advice
When you have CCJ and you are looking for a CCJ mortgage it is important to seek specialist advice from a specialist CCJ mortgage broker. The more traditional mortgage lenders do not tend to lend to people with CCJs as they deem the risk factor to be too high. It is for this reason that you will need to get in contact with a specialist CCJ mortgage lender as they will take a different view on your circumstances. They will assess your situation with a different set of criteria, looking for reasons to lend rather than only seeing the risks involved. These specialist CCJ mortgage brokers are the key to ensuring that you get the CCJ mortgage that you require.