Mortgage with a CCJ
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Lee Gathercole
Mortgage with a CCJ
Sam Hubbard explains how the mortgage process works if you have a County Court Judgment (CCJ).
Can I still get a mortgage if I have a CCJ?
Absolutely, it’s possible to get a mortgage with a CCJ, but there are a few caveats. It very much depends on several key factors.
For instance, how long ago was the CCJ registered? What was the amount involved? Has it been repaid – or ‘satisfied’, as it’s known to the courts? Many mainstream lenders are cautious, especially with recent or larger CCJs, but there are specialist lenders who build products for clients with adverse credit histories.
If you can demonstrate that the CCJ was an isolated issue and you now manage your finances well – and also if the debt is being cleared – you will significantly improve your chances of getting a mortgage.
Which mortgage lenders accept CCJs?
Rather than focusing on individual names – as they do change – it’s best to say that there are specialist lenders in the market who cater for applicants with CCJs and other credit challenges.
High street lenders usually prefer clean credit files, but some may consider cases with a CCJ that’s older or relatively small in value, and has been fully satisfied.
The most suitable lender depends on the individual circumstances. It’s best to chat through this with a broker like ourselves. We know where to find lenders that operate in this market and will talk through your case with them.
Can I get a mortgage with a satisfied CCJ?
Satisfied means it’s been paid off. A satisfied CCJ, where the debt has been fully repaid, is viewed far more positively by lenders than one that remains outstanding.
If the repayment was made some time ago, perhaps 12 to 24 months, it demonstrates financial responsibility and that the issue has been resolved. The more time that’s passed since it was settled, and the more consistent your credit behaviour since, the stronger your application will look.
Does the date of my CCJ matter for a mortgage?
Absolutely. Time is an important factor. A CCJ that’s very recent – from within the last 12 months – is a larger hurdle than one registered two, three, four years ago. Those tend to have less impact, particularly if they’ve been repaid. By the time a CCJ is close to dropping off your credit file, generally after around six years, lenders may be more comfortable in considering your application.
Does the size of the CCJ affect my mortgage application?
Without a shadow of a doubt – the financial amount is important. Smaller CCJs of less than £1,000 are easier for lenders to swallow, especially if they’ve been repaid quickly.
A larger CCJ into the thousands could suggest to the lender that you’ve had greater financial difficulty in the past. That may limit the choice of lenders available. To limit their risk, lenders may look for a slightly larger deposit and charge higher interest rates.
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Can mortgage lenders see a CCJ after six years?
The good news is that CCJs are removed from a credit file after six years, regardless of whether they’ve been repaid or not. Once they drop off, lenders can’t see them through a standard credit check.
That said, some lenders may still ask if you’ve ever had a CCJ as part of the application process. Obviously, it’s important to be honest when answering that question – concealing information could jeopardise an application later on.
How do I find out if I have a CCJ in the first place?
It’s about checking your credit reports. There are various agencies in the marketplace, typically Experian, Equifax or TransUnion. There’s also a public record of CCJs.
They can be found by looking online at the credit referencing agencies, most of which will offer you a free trial. You might get a 30-day free period to download your reports and establish if there are any black marks there.
How can a mortgage broker help here?
With more complex situations like this, having some assistance can be really invaluable – especially around which lenders are more flexible.
We can match you with the most appropriate product and help present your circumstances in the best way possible. Sometimes, with CCJs, it’s about how you position it with the lender. Is there a solid rationale around why it occurred?
Something may have happened in your life, such as health issues, and lenders will listen and be sympathetic to these situations. Working with a broker helps explore how it’s happened.
If you’re considering applying for a mortgage with a CCJ, I’d suggest a couple of practical steps. Firstly, repay the CCJ if possible, because satisfied CCJs are always seen more positively. Make sure you keep up with all other commitments, to demonstrate a pattern of good financial behaviour after the CCJ – that helps build the lender’s confidence. Lenders are looking at whether you look like a good risk.
Save as much as you possibly can for the deposit. A larger deposit reduces the risk to the lender and will widen up your options. Also, be ready to explain the background. Was it a dispute? Was it a temporary issue? Lenders will respond better when they understand the story behind the numbers and working with a broker will strengthen that for you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS