Will A Satisfied CCJ Affect My Credit?

Will A Satisfied CCJ Affect My Credit?

Get real help finding a mortgage or remortgage with a CCJ. Many mortgage lenders will consider applicants with a CCJ, especially if it has been satisfied.

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Having A CCJ Registered Will Affect Your Mortgage Options But It Will Not Exclude All Lenders - Success Is More Likely If You Have Satisfied Your CCJ Or If It Is Over 6 Years Old.
A CCJ is a county court judgement that has been added to your credit profile in the event of you defaulting on a debt and your creditor successfully claiming against you in court. This can include missed payments from your mobile phone contract or failing on a loan agreement through to not paying your car finance or payments. If you get to the point where a CCJ is issued this will have an adverse credit rating on your credit worthiness. That said satisfying the CCJ may help improve your credit rating, although the CCJ will still be shown on your credit history.

To satisfy a CCJ you will need to pay the creditor the amount outstanding and any added fees. If you do have a CCJ you are less likely to be offered a mortgage, particularly from the high street banks and building societies. This will restrict your choice of lender to those who specialise in dealing with people with bad credit histories. You may still be able to get a mortgage, but the rate is likely to be higher, so you will pay more each month. If you have satisfied the judgement this will open up more lender options to you and possibly give you access to better plans or rates.

First Choice Finance offers qualified mortgage advice - making every effort to ensure that we find the correct mortgage or remortgage with your credit history, to meet your needs and requirements.

Remortgage Property With Bad Credit

Bad credit and mortgage problems affect millions of people throughout the UK, so if ever you feel alone or depressed about it, try not to be. You are not alone and should never be embarrassed should you feel that you need to apply for a mortgage with adverse credit.

Bad credit mortgages are the recommended loans for borrowers who have `bad credit` or those who have a low credit score. These types of mortgage loans may not be at the lowest rates but they can help you re-establish your credit profile, leading to a better credit record sooner than what you might think.

Bad Credit Mortgages – The Pros and Cons

The words bad credit mortgage may not sound good to the ears but in the financial world, this is really your best `next step` to accomplish your monetary objectives so long as the higher interest rates are affordable.

Here are some reasons why getting bad credit mortgages may be good for you.
  • If you are heavily in debt, you can use a bad credit mortgage to consolidate your bills into one easy-to-remember, and perhaps lower, monthly invoice.
  • You have the benefit of owning your own home thus having an end to payments whereas rent will continue.
  • You will be able to repair your credit faster. As you can probably guess, it takes credit to rebuild credit.
  • It may help you to avoid bankruptcy.
  • Fund much-need renovations, purchases, and other requirements.
Bad Credit Mortgage Application Requirements
Now that you know the advantages of a bad credit mortgage, here are the following things you will need when you apply for such a loan.

Check that your credit score and report are accurate. If there are flaws in them, fix them first and then request the credit bureaus to update them immediately.

This process is very important because your qualification for a bad credit mortgage will largely depend on your credit report being accurate.

If you are self employed collect and keep deposit slips, invoices, pay stubs and other evidences that will work as proof that you have a steady income.

Improve your bad credit and mortgage qualification by making sure that you pay your monthly bills and fees on time. Do not open new credit lines including retailer’s cards. If you need to close some of them, choose credit cards with higher interest and retain the older ones with credit history.

Tips On Getting the Best Mortgage Rate There are many mistakes a borrower can make when looking for a bad credit mortgage loan. You can avoid these oversights with the following tips.

Shop around. Just like any major purchase you make and decide on, look at the different bad credit mortgage programs, read and understand all that is written and compare them.

If you want to get a bad credit mortgage loan from a trusted mortgage broker, make sure that he/she explains to you all the product details. This should include all the terms and conditions of the loan contract so both you can decide on the best bad credit mortgage for you.

Aside from visiting mortgage companies in your area, try and shop for bad credit mortgage loans that are available via the Internet. This is more convenient because you can browse at the comfort of your home and you can immediately get an idea on the numbers involved through online loan calculators.

Furthermore, mortgage brokers such as ourselves do business online and over the telephone carrying less overhead and they offer more bad credit mortgage programs to choose from. It is not surprising then if you get the best bad credit mortgage loan for you from the Internet.

Bad Credit Mortgage Programs – What to Avoid There are many kinds of bad credit mortgage companies out there. When considering their loan solutions, look out for the following that can give you difficulties in the future.

Fees and Penalties. Make sure that you are informed and you are aware of fees and penalties that are attached to your bad credit mortgage contract. Sub prime mortgages may have a more expensive processing fee compared to other loans. Aside from this, they may have higher late fees and payment fines. Prepayment fines. Avoid companies that offer prepayment fines on their bad credit mortgage loan programs. There are some companies who want their borrowers to commit to their programs to ensure that their apportioned profit will pull through. Because of this, when a borrower pays off his/her bad credit mortgage way before schedule, prepayment penalty – a fine for paying off the loan way ahead of schedule - is imposed. This can spell out a notable loss if you refinance right away so beware of prepayment penalties.

While some bad credit mortgage companies ma have had bad press in the past, there are those who reward their borrowers who regularly pay on time by lowering his/her interest rate. Incentives and rewards for bad credit mortgage borrowers are of course encouraging. This is especially important for people who are determined to reform their credit scenario and move forward in achieving their financial goals.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee)
Security is required on immovable property.

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected.