Remortgage with a CCJ

Will I have to pay any fees or penalties when remortgaging if I have a CCJ?

You may have to pay certain fees when remortgaging with a CCJ, but the CCJ itself doesn’t create a special fee or penalty. Instead, lenders just might view you as higher risk, which can mean higher interest rates or stricter terms on the mortgage.

Lenders that are willing to take on higher risk applicants tend not to offer the attractive incentives you can find on the high street. These could include free valuations, free legals or cashback.

If you do have a CCJ, it’s likely we can’t go to a high street lender. You may therefore have to pay for your valuation or you won’t get the legal costs covered.

What if I’m self-employed and have a CCJ? Can I still remortgage?

Often self-employed people are concerned about their ability to get a mortgage compared to an employed person. Self-employed income is, of course, assessed differently to that of employed applicants. But being self-employed with a CCJ doesn’t make it more difficult than for an employed person with an identical CCJ.

As long as the mortgage is deemed affordable, you’ll have the same options as someone who is employed.

What happens if I’m declined a remortgage with a CCJ?

Being declined doesn’t mean you won’t be able to remortgage at all. This is where a mortgage adviser comes into play. We’ll assess your situation, including your credit history, and use that information to find a lender that’s the fit for you.

A lot of lenders work specifically with applicants who have had impaired credit in the past. It’s just a case of finding one to suit your circumstances. Being declined is not the end of the world. You can still apply elsewhere. Just get advice to ensure the lender you’re applying with will accept you.

How can a broker help with a remortgage when you have a CCJ?

There are so many different factors that come into play for someone with a CCJ – or any adverse credit. Here at Asset Harbour, our advisers are extremely well-versed in that area.

It’s something we deal with a lot, so we can match your exact circumstances to the right lender and maximise your chances of approval. We avoid any unnecessary declines from lenders, which could harm your credit profile if they start to build up.

We’ve covered quite a lot here, but if anyone listening wants to know more, please don’t hesitate to reach out. We’ll be more than happy to help.

Key Takeaways:

• Remortgaging with a County Court Judgment (CCJ) is possible, but the number of available lenders and terms depend on the CCJ’s registration date, whether it has been satisfied, and its value.
• The date the CCJ was registered is the most important factor, with older, or more historic, CCJs making it easier to remortgage.
• Satisfying the CCJ – by settling the debt – will put you in a stronger position with lenders compared to if the debt were still outstanding.
• A CCJ is typically removed from your credit file six years from the date it was issued and will stop affecting your ability to obtain credit.
• Lenders may view applicants with a CCJ as higher risk, potentially leading to higher interest rates and the absence of high-street incentives such as free valuations or legal cost coverage.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.

THERE MAY BE A FEE FOR MORTGAGE ADVICE. THE PRECISE AMOUNT OF THE FEE WILL DEPEND UPON YOUR CIRCUMSTANCES BUT WILL RANGE FROM £99 TO £999 AND THIS WILL BE DISCUSSED AND AGREED WITH YOU AT THE EARLIEST OPPORTUNITY.

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