Are satisfied ccjs ignored when applying for a mortgage?
Firstly I must start by stating clearly I’m not a debt advisor and this article on clearing ccjs is written in the context of obtaining a mortgage or secured loan.
The other thing to bear in mind is I will be generalising in my analysis of satisfying ccjs to get a mortgage. Every individual case should be discussed in full with a professional Mortgage Broker such as Niche Advice.
From a Mortgage Lender risk perspective a satisfied CCJ (county court judgement) or ccjs shows you in a better light than an unsatisfied one. If the CCJ is large and fairly recent the chances are you will need a specialist Mortgage Lender and the satisfying the ccj ahead of applying to them may not affect the chances of being accepted in the slightest.
However, sometimes you need to think longer term. What do I mean? Well specialist mortgage lenders are often a stop gap until your credit is repaired and your mortgage options become more mainstream again. And, in this context building societies in particular will probably has expected you to have satisfied the ccjs within a reasonable time of their occurrence.
For example, one building society with constantly competitive rates will consider any number and size of satisfied CCJs that were registered 4 years ago (subject to credit score and full underwriting).
They will not however entertain any ccjs that are unsatisfied. So by keeping your ccjs outstanding you could be excluding a whole raft of mortgage rates so its always best to speak to an Independent Mortgage broker like Niche Advice who have access to the whole of the market and can review the different lending criteria specifically around your own individual circumstances.
Niche Advice can arrange mortgages and secured loans for applicants with satisfied or unsatisfied ccjs. To find out more complete the Contact form on this website or call T: 020 7993 2044.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.