Home Mover with a CCJ
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Home Mover with a CCJ
Sam Bull explains how the mortgage process works if you are a home mover with a CCJ.
Can I get a mortgage as a home mover with a County Court Judgment? Do many lenders offer mortgages to home movers with CCJs?
Yes, you can get a mortgage as a home mover with a CCJ. While the majority of high street mortgage lenders would usually decline applications with a CCJ, there are many specialist lenders who do offer mortgages.
This will all depend on certain factors, such as the date that the CCJ was registered, how much the CCJ was for, and if the CCJ is settled.
What deposit will I need, and how much can I borrow with a CCJ?
Mortgage lenders can lend to applicants with a CCJ with a deposit as low as 5%. However, a higher deposit of 10%, or even 15%, may be required for more recent CCJs.
Most mortgage lenders are generally happy to lend between four and a half to five and a half times the combined annual income on the application. This will still apply even when lending to applicants who have a CCJ registered.
Can I still get an Agreement in Principle if I have a CCJ?
Yes, you can still get an Agreement in Principle if you have a CCJ. This would usually involve the lender doing a soft credit search, after which we would issue an Agreement in Principle certificate confirming the exact amount the applicants are able to borrow.
Can I still port my mortgage if I have a CCJ?
When porting your mortgage, you will need to pass a credit check with your existing mortgage lender, based on their lending criteria. Therefore, being able to port your mortgage will depend on whether your existing lender can accept the CCJ.
If your existing lender is a high street lender, this would usually be unlikely, and we would need to arrange a new mortgage for you with a lender who can accept the CCJ. However, this will vary and depends on who your existing lender is.
What if my partner/spouse has a CCJ and I don’t? Can we still get a mortgage?
Yes, a mortgage is possible even if your partner or spouse has a CCJ and you do not. However, since mortgage lenders evaluate both applicants’ credit histories, we would likely need to explore options with a specialist mortgage lender who can accommodate the CCJ.
The final terms would be dependent on the registration date, amount, and satisfaction status of the CCJ.
What if I’ve been declined for a mortgage with a CCJ in the past?
If you’ve been declined for a mortgage with a CCJ previously, approval may still be possible with the correct mortgage lender. While many high street banks decline applications with CCJs, numerous specialist mortgage lenders adopt a more flexible stance, particularly with older, satisfied, and smaller CCJs.
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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.
What if I’m self-employed or a contractor with a CCJ? Can I still get a mortgage?
Yes, absolutely. It is possible to get a mortgage even if you’re self-employed or a contractor with a CCJ. It can be slightly more challenging, as specialist mortgage lenders often consider self-employed and contractor applicants to be slightly more risky. However, if you can provide your accounts, confirm a stable income, and the CCJ is satisfied and registered over 12 months ago, then we should still be able to help you get a mortgage.
Will I need a larger deposit for a mortgage as a home mover with a CCJ?
The minimum deposit required would be 5%. However, securing a mortgage with a 5% deposit will depend on when the CCJ was registered, the amount of the CCJ, and if it’s settled.
For applicants with a CCJ registered within the last 12 months, mortgage lenders would usually require a slightly higher 10-15% deposit.
What documents will I need to have ready? Are there differences with a CCJ?
You’ll need the usual documents for a mortgage application, including proof of ID and address, recent bank statements (latest three months), payslips or self-employed accounts, and proof of deposit.
However, for applicants with a CCJ, the very first document we’d ask for is a copy of their credit report. We work with Check My File, which provides a credit report showing data from all three credit reference agencies – Experian, Equifax, and TransUnion – in one report.
How long does the mortgage application process take for a home mover with a CCJ?
Initially, we’d have a 30-minute telephone appointment. Following this, we’ll request your documents and credit report to provide a formal recommendation.
Once you accept the terms, we aim for an Agreement in Principle within 24 hours, though this can be done more quickly upon request. The full mortgage application should then lead to a formal mortgage offer, typically within two weeks. However, specialist lenders might extend this to two to three weeks for full approval, as they often have more enquiries.
How can a mortgage broker help? Is there anything else you would like to add?
Getting a mortgage with a CCJ is definitely going to require a more specialist mortgage product.
Instead of approaching high street lenders, who may well decline your application, it’s much better to work with a mortgage broker. They will get your documents upfront, check your credit report, and get all the details of the CCJ. Then, they’ll be able to recommend a suitable product with a lender who can definitely accept the CCJ.
I would recommend working with a mortgage broker who has experience in dealing with these types of mortgage applications.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
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