Yes, you can get a mortgage with a CCJ! It’ll be more difficult as you’ll have fewer options available to you, but it’s not impossible. It’s a case of finding the right specialist mortgage broker who can help you understand your options, and find you the right specialist lender.
If you’ve got a CCJ (County Court Judgement) on your credit file, applying for a mortgage can be daunting. But some lenders will consider and accept you. Usually, as long as your CCJ is satisfied – meaning that it’s been paid in full – lenders will offer you a mortgage, but there are some lenders who might consider you even if the repayment on a CCJ is partially outstanding.
Getting approved with a CCJ will depend on a few things:
How Recent the CCJ Is
The more recent a CCJ is, the bigger the impact that it will usually have on a mortgage application. For example, if the CCJ was served more than three years ago, the impact on a lender’s decision may be less than if it was served more recently.
The Number of CCJs on Your Credit File
Multiple CCJs will have a bigger impact on your ability to secure a mortgage than a single one, with the majority of lenders not wanting to see more than two in place within the last two years.
The Value of the CCJ
The lower the value of the CCJ, the less of an impact it is likely to have on your application, however, how much this affects the loan-to-value LTV ratio differs between lenders.
The CCJ Being Satisfied
Whether or not a CCJ has been satisfied (repaid in full), as well as when this happened, can impact a lender’s decision, and when this has happened, it typically means that deals will be available from a higher number of lenders.
The Value of Your Deposit
Having a higher deposit is likely to increase your chances of being approved for a mortgage with a CCJ, and open up your options, as you pose less of a risk.
Additional Bad Credit Issues
A CCJ is not the only bad credit issue that you may have, and having multiple marks on your credit file may impact a lender’s decision.
These may simply be late or missed payments or more severe issues such as bankruptcy, a debt management plan, an IVA, or a previous repossession.
We get how it feels when you’re refused a mortgage. We’ve been there. Haysto exists because the mortgage world is broken. If you don’t have a shiny credit rating, you’re self-employed with a complex income, or just don’t fit the mould, the odds are completely stacked against you. We just don’t think that’s fair.
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