Remortgage with a CCJ
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Sam Hubbard
Remortgage with a CCJ
Sam Hubbard explains how remortgaging works with a County Court Judgment (CCJ).
Can you remortgage with a CCJ? Will many lenders offer a remortgage to someone with a CCJ?
Yes, it’s possible to remortgage with a CCJ. It’s generally trickier than a standard application, though, and many high street lenders may be cautious or totally avoid a CCJ issue. However, there are many specialist lenders that specifically exist to help clients with adverse credit.
They will assess your overall financial situation – not just your credit score – and may still offer competitive deals depending on the age, amount and status of the CCJ.
So the good news is, yes, you can remortgage, and numerous lenders out there can help.
Can mortgage lenders see a CCJ after six years?
Generally, a CCJ disappears from your credit report after six years, but some lenders might still ask if you’ve ever had one. Honesty is the key with this – if you’ve had a CCJ, it’s important to answer correctly.
Can I remortgage with a satisfied CCJ?
Satisfaction is a key component here as it means the debt has been paid off, and remortgaging with a satisfied CCJ is easier than with an unsatisfied one. Lenders see it more positively because it shows you’ve addressed the debt.
You can also add a notice of correction to explain the circumstances, which may further improve your chances. If you’ve got a CCJ, do get it satisfied as that will improve your chances of getting a mortgage or a better rate.
How long does it take to remortgage with a CCJ?
Typically, the process for a remortgage may take two to eight weeks, depending on the complexity. It’s very similar to a standard remortgage.
There could be extra time, I suppose, in researching which lenders you will fit with, but it shouldn’t make a big difference – we just need to research which lender will accept it.
Preparation is key with these things – it’s so helpful to have all the information and correct documentation to hand. It will make that process much smoother.
Does the date of my CCJ matter for a remortgage?
Timing really does matter. The older the CCJ, the better your chances of success. A CCJ issued within the last year will limit your options more than one from three to six years ago.
After six years, it will usually disappear from your credit file and should have little to no impact on mortgage applications.
Does the size of the CCJ affect a remortgage?
Absolutely. The amount plays a significant role. Smaller CCJs of under £500 or £1,000 can have minimal impact if they’ve been satisfied.
Larger ones, especially £1,000 plus, will reduce the number of lenders willing to consider your application and will undoubtedly result in higher interest rates.
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Will I have to pay any fees or penalties when remortgaging if I have a CCJ?
With this type of borrowing, higher interest rates are common – but you might also notice higher arrangement fees and potentially valuation fees for the mortgage.
Because there’s that blip on the credit file, the lender is taking slightly more risk – so they’re going to charge a little bit more. It’s important to understand that. The good news, though, is that there are solutions.
What if I’m self-employed and have a CCJ? Can I still remortgage?
Self-employed individuals with CCJs can still remortgage. It’s about making sure you’ve got the right documentation to hand. The self-employed should not be treated any differently to an employed individual.
The key thing here is proving income the way the lender wants it. Typically, that means having at least two years’ trading history with tax calculations and your tax overviews. In other words, you’ve declared what you’ve earned to HMRC and paid the tax on it. Beyond that, you won’t be treated any differently.
What happens if I’m declined a remortgage with a CCJ?
If an application is declined, firstly, don’t panic. You simply may have approached the wrong lender for the situation. Having assistance with this will really help – so work with a broker who has experience in this marketplace.
If the wrong lender was picked the first time round, you don’t want to choose unwisely the second time – it will appear as a hard footprint on your credit file when an application goes in and you’re getting it wrong.
It really is a case of assessing this properly to approach the correct lender for the desired result.
What else do we need to know about a remortgage with a CCJ?
A broker will give you important support and get you access to specialist lenders that understand the lending criteria. Typically, people aren’t aware of these lenders’ names – they’re not on the high street.
They’re a little bit more difficult to approach directly, so seek assistance and we’ll guide you in the right direction.
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