First Time Buyer With CCJs
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First Time Buyer With CCJs
James Bull explains how to get a mortgage as a First Time Buyer with County Court Judgments (CCJs).
Can I get a mortgage as a First Time Buyer if I have CCJs?
Yes, absolutely.
Do my CCJs need to be satisfied or paid off to get a mortgage as a First Time Buyer?
Lender criteria varies around this. Some would require a CCJ to be paid off, while others are happy for it to stay open. But obviously this is going to affect the interest rate you end up getting – as well as the lenders that are willing to lend to you.
As mortgage brokers, we advise on all the options available based on your specific circumstances. If it is better to pay things off, we’ll let you know.
How old do my CCJs need to be before I can apply for a mortgage as a First Time Buyer?
There’s not really any minimum timeframe, because the criteria varies between lenders. As mortgage brokers, we’ll advise on the options available based on a client’s personal circumstances.
How soon can I apply for a mortgage as a First Time Buyer once my CCJs are settled?
It’s very similar to the previous answers. The criteria for this varies between lenders. As part of our standard process, we’ll advise clients on the options available to them personally.
Does the value or number of CCJs affect my chances of being approved for a mortgage as a First Time Buyer?
Yes, definitely. Lenders have criteria around both the number of CCJs you have and the value of those. It does vary from lender to lender.
If you have more than one CCJ or if it was for a particularly high amount, it will affect the mortgage lenders available to you. It also affects the interest rate you will end up getting. As brokers, we take all this into consideration and we’ll give you personalised advice.
Are government schemes available to help First Time Buyers who have CCJs?
There’s no specific government scheme for people who have CCJs. But obviously there are many standard government schemes available to people buying houses.
These schemes are open to people that have CCJs, as long as there’s a lender willing to lend to you with those on your file, and that lender also accepts the scheme you want to buy through.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Will I need a bigger deposit for a mortgage as a First Time Buyer because of my credit history and CCJs?
The amount of deposit you need to put down will vary depending on the lenders and their criteria. It all just depends on your circumstances and the specifics of the CCJ.
We would give personalised advice to clients around this, but in answer to the question, potentially, yes, you may end up needing a bigger deposit.
Will I have to pay a higher interest rate as a First Time Buyer because of my CCJs?
Yes – the chances are that when you have a CCJ, you’re unlikely to pass a credit score with high street lenders offering the lower interest rates.
In the majority of cases, you’ll need to get a mortgage with a specialist lender that accepts the CCJ. That does mean it’s likely to be a higher interest rate.
Can I remortgage to get a better deal once my credit improves?
Absolutely. The older a CCJ is, the better it is for your mortgage and the more lenders become available to you.
Your credit report goes back six years, so once a CCJ is more than six years old, it drops off your credit report altogether. If everything else is okay at that point, you’ll be able to look at normal mortgages again.
Can I improve my chances by applying for a mortgage with a guarantor or a co-applicant?
When you have a CCJ, lenders look at the worst of the applicants’ credit reports. Even if you applied with somebody who has good credit, you would still need a ‘bad credit mortgage’ with a lender that accepts the CCJ.
It doesn’t really change things that much in terms of your mortgage chances, to be honest.
How can a mortgage broker help me with my First Time Buyer mortgage application in this scenario?
We help people with CCJs get mortgages every day. So if you find yourself in that circumstance, the best thing to do is just get in touch with us.
We can look at your personal circumstances, advise you on your options and help you through the process.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
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