Settled CCJ Mortgage
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Settled CCJ Mortgage
James Bull explains how the mortgage process works if you have a settled County Court Judgement (CCJ).
Can I get a mortgage with a settled CCJ? How long after settling a CCJ can I get a mortgage?
Yes, you can get a mortgage with a settled CCJ. It will show on your credit report for six years, so that will restrict the lenders available to you.
There isn’t a specific amount of time that needs to have elapsed, as such – lender criteria just varies. It also depends on the CCJ amount. The best thing to do is contact us, and we can give a more personal answer based on the individual circumstances.
How will a settled CCJ affect my mortgage application?
Settled CCJs will show on your records for six years. You are likely to fail credit scoring, particularly with high street lenders within this period, even if the CCJ is settled.
The main effect is that you might be restricted to specialist lenders that will accept the CCJ for a mortgage.
How does a settled CCJ affect your credit score when applying for a mortgage?
It’s going to be taken into consideration. Even though the CCJ has been settled, you’ll probably still find that you will fail the credit score with high street lenders. But we’ve got specialist lenders who will accept the settled CCJs, so we can help.
How much deposit do I need for a mortgage if I have a settled CCJ?
The deposit you’ll need will vary. It’s going to depend on the amount of the CCJ, when it was originally registered and when it was settled.
Again, the best thing to do is contact us and we can give personalised advice based on your circumstances.
How much can you borrow for a mortgage with a settled CCJ?
Lenders each have affordability calculators, and the amount you can borrow is going to depend on your circumstances. We will factor in all your income and credit commitments, and also how many children or other dependents you have.
The final amount you’re able to borrow will vary depending on your circumstances. Contact us and we can give you advice around that.
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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.
Can I get a settled CCJ removed to improve a mortgage application?
The courts and credit reference agencies won’t normally remove a CCJ from your records unless it shouldn’t be there – if there’s an error, for example.
If something is incorrect, you can ask the credit reference agencies to update their records. But it can take a couple of months for your credit report to change in that instance.
Which mortgage lenders accept settled CCJs? Are there many?
There are quite a few and we deal with all of them. The lenders that offer these mortgages all have their own matrices and criteria around what they will and won’t accept.
There’s not really a list of lenders we can give out. We take the details of a client’s personalised circumstances and then find the best option from a lender that will accept them.
How do I improve my chances of getting a mortgage with a settled CCJ?
The older the CCJ is, the better. It’ll show on your records for six years, but a five-year-old one is easier to deal with than a one-year-old one.
Obviously, the more deposit you have also helps. It will open up more options and lenders for you. Ultimately, once you have a CCJ, even if it’s settled, the damage is already done to your credit score.
The other option is just to wait six years until it’s gone. But the best thing to do is just call us and we can advise.
You’ve demonstrated how a mortgage broker can help. Do you have any final thoughts?
We help clients with settled CCJs get mortgages every single day. This is quite normal to us. So if you find yourself in that situation, just give us a call and we’ll see how we can help.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
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