2nd-Mortgage

It is a well-known fact that your credit score is one of the most important aspects while procuring a mortgage. You can be labelled with bad credit due to many reasons. One major reason among them is a County Court Judgment or CCJ. If you fail to repay a loan within the stipulated time, the lender can file a case against you.

A CCJ is usually seen as an indicator of risk. This does not mean that you will not be able to get a mortgage, but simply means that you will be considered as a high risk case. You may have to look harder to find the appropriate mortgage for yourself or might have to choose from a more limited range of mortgages or lenders.

Before applying for a mortgage, check your credit record to see if there are any CCJs against you. Many times a CCJ can be issued without your knowledge. You can settle the debt within one month but if you are unable to do so, the CCJ will remain on your credit record for six years. If you have paid your debt, you can get a ‘Certificate of Satisfaction’ which shows the mortgage lender that you have paid your debt.

Traditional lenders are not usually willing to offer their products to people who they perceive as a risk. To apply for mortgage with CCJ, you need to get in touch with a specialist CCJ mortgage broker to ensure that you get the best deal. They will assess your situation individually and look for reasons to lend rather than only seeing the risks involved. They will be able to suggest the amount that you can afford to borrow and recommend the best products for you. These brokers are usually independent and have access to all mortgages from all lenders.

With a CCJ, you can avail a mortgage either from physical lenders or online lenders. You can sift through the net and go through the terms of numerous lenders within a short span of time and with just few clicks. And once you get the best deal satisfying your requirements, go ahead and apply for it.