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remove CCJs |
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Mortgages for people with CCJs |
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County Court Judgments or CCJs can be
defined as, “legal judgements given by
the County Courts.” The judgements for
monetary amounts are entered in the
Register of County Court Judgments and
it is in turn verified by different
credit reference organisations in order
to assess the credit-worthiness of
borrowers.
A CCJ is a special court order that sets
out the terms for the repayment of
debts. CCJs are awarded against a person
if he/she is summoned to the court over
pending or outstanding debts and they do
not show up or lose the case.
A CCJ remortgage is a type of remortgage
that one would apply if their creditors
had served them with a CCJ. A CCJ is
passed against an individual if they owe
an individual or company money and they
did not and/or is not in a position to
repay back. If there is a CCJ registered
against a person, then it shows up on
their credit reference
verification/check, and in turn affects
their credit history. Once a CCJ is
served, it stays in their credit history
for a minimum of six years.
But there are some mortgage firms or
lenders that do take into account the
CCJs a person has, any previous CCJs,
their credit history, repayment track
record etc. But the mortgage rates would
vary and differ and would finally be
based on their CCJ. The mortgages that
are issued are called CCJ mortgages or
CCJ remortgages.
Basically, lenders do provide mortgages
to people with CCJs, but the interest
rates are higher. Nowadays, CCJ
mortgages are quite common, and some
banks are also offering mortgages for
people with CCJs. CCJs can come about
because of various factors like a
divorce, default in child support
payments, vehicle loan default etc. So
the firms also weigh in the different
possibilities/factors and the reasons
CCJs were issued against a person and
thus determine the mortgage loan.
One important thing is that a person
with a CCJ mortgage should make regular
payments and not miss any mortgage
payments. If they do so and keep up
their payments, then it does improve
their credit history. CCJ mortgages are
sort of like the last ditch try or
effort one gets to avail a mortgage loan
and so should be careful with the
repayments. So the base line is a CCJ
mortgage is available for clients with
CCJs, all that one needs to do is to
keep up their repayments on a regular
basis. |
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