Can I Get A Mortgage Even If I Have A CCJ? - RiteMortgages

Can I Get A Mortgage Even If I Have A CCJ?

Finding a mortgage that suits you and gives you the best deal is a time consuming task.
For people with adverse credit suit as a CCJ it can take more time and be more difficult.
Even with a CCJ on your credit file, there are certainly lenders out there that will lend to you.

There are many factors that need to be taken into account to determine if you are eligible for a mortgage with a CCJ on your credit file.

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What Is The Value Of Your CCJ?

The amount of the CCJ is important to lenders because if it’s a ridiculous figure they may require a larger deposit. If the CCJ was registered over 2-3 years ago then the figure doesn’t really have an impact on lenders decisions.

However, if you have had a CCJ within 2 years of your application then lenders will set a limit on the CCJ amount. In most cases the larger the CCJ and how recent it is, the higher your deposit would have to be.

What Is Your Deposit Amount?

If you plan on having a 5% deposit, your CCJ will need to be 3 years old minimum. But if you are trying to apply for a mortgage and your CCJ is less than 12 months old, lenders would be looking roughly for a 25% deposit from you.

When Was Your CCJ Registered?

The date that your CCJ was registered is very important. The more recent the CCJ is, the less likely you will be accepted by a lender. You are more likely to be accepted for a mortgage with a CCJ that is 3 years old in comparison to one in the past 12 months. But it is still possible depending on your deposit amount. If the CCJ has been paid and settled that’s great!
Some lenders want the CCJs settled for at least 12 months but some of them don’t mind if the CCJ has not been settled.

How Many CCJs Do You Have?

Specialist CCJ mortgage lenders will typically limit the number of CCJs registered to one applicant over a specific time period.

Specialist lenders typically limit the number of CCJs to 2 over a 24 month period.
But yet again it can all come down to the amount of your deposit.


Satisfied or Unsatisfied?

You don’t need to satisfy a CCJ in order to get a mortgage, but if you have fantastic!

Lenders are different to each other and have different requirements when applying for a mortgage. Some lenders will require you to satisfy the CCJ but some lenders do not. Paying it off will certainly give you more options but it’s not always necessary for some lenders.

Lenders that approve mortgages with satisfied CCJs are happy for the CCJ to be paid off prior to application but other lenders can demand it is paid off for a minimum of 12 months prior to application.Some lenders don’t require the CCJ to be paid in order to make an application for a mortgage as long as it’s over 2 years old

To get the best deal possible for yourself, hold off if until the CCJ is at least 2 years old. This then opens your opportunities right up because lenders will be more relaxed with you and offer you with better rates and accept a lower deposit.

Potential Lenders

Precise Mortgages offer mortgages to people who have received a CCJ within the last 12 months as long as the value is lower £1000. But if your CCJ is 24 months old they will allow the value to be at least £2500. The main attraction of Precise is that they don’t require the CCJ to be satisfied!

The Mortgage Lender are a popular lender. They have various products available. to qualify for their Real Life 2 product applicants can only have a CCJ up to £1000 in the past 36 months. Whereas qualify for real Life 3 with a CCJ you can only have 2 in the past 24 months. If you have had a CCJ in the past 12 months it can only be a maximum of £1500 in order to apply, if you have had CCJs in the last 36 months the maximum value can only be £3000 in total.

Vida Homeloans are stricter than the previous two. To apply to Vida, your CCJ must be no higher than £250 within the last 12 months which is very strict. Your CCJ can also be £5000 if you choose to wait 24 months to apply.
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