Best Remortgage With A CCJ Or County Court Judgement 2023
Did You Know 2,330 County Court Judgments Were Issued Daily Last Year?
If you’ve been searching for any of the following we can very likely help you:
- Mortgage lenders that accept ccj’s
- ccj remortgages from Halifax
- ccj mortgage lenders
- Help to buy schemes with a satisfied ccj
- ccj remortgage specialists
- Barclays mortgages when you have a ccj
Our Semi-Exclusive Lenders:
- Lender 1: 2.42% APRC fixed for 3 years with Loan To Value of 85%
- Lender 2: 2.15% APRC fixed for 5 years with Loan To Value of 75%
- Lender 3: 1.92% APRC fixed for 5 years with Loan To Value of 70%
CCJ Remortgage Pre-Decision In Principle Application Form:
Benefits Of Our remortgage With A CCJ Services:
- Some 1st UK Money lenders tolerate previous mortgage arrears
- Interest-Only remortgages with fair and affordable payments
- Small valuation fees around £272
- 1st UK Money have access to lenders not available on the “far from impartial” comparison websites
Statistics from The Money Charity show the average monetary value of each CCJ is £2,171 CCJs apply to England, Decrees to Scotland, and a Northern Ireland Judgment to Northern Ireland.
All will put a stain on your credit files and stick to them like glue for six years unless you pay within a month. Experian explains how to have it removed here if you can settle balances owed within a month.
Remortgage With A CCJ Exploring Options Fast
When you’re hit with a judgment, it’s easy to think that there’s nothing you can do about it, opting to sweep it under the carpet. The cost of doing so could have ramifications on your future credit interest rates. It might also reduce your chances of securing a remortgage with a CCJ. Moreover, it could also affect your ability to access credit at all.
Your first port of call will be the emergency services of personal finance and that’s the CAB Service. The Citizens Advice Bureau is a free service and since they provide money advice, they are under the same codes of conduct and financial regulations set out by the FCA.
Doing Your Due Diligence…
Peter Mugleston of OnlineMortgageAdvisor.co.uk advises against applying to high street lenders for bad credit home loans, or mortgages as advisors are working to targets to run a credit check and get a quick turnaround.
Not on financial products but on customers with poor credit being turned around and shown the door.
Instead, his four-part process is:
- Grab copies of your credit reports (Free with Credit Karma)
- Do not make multiple loan applications – especially to high-street banks
- Use a broker
- Repair your credit
In addition to #2, we would add that researching the market is important because there are smaller and often local building societies willing to offer more favourable credit deals.
A broker though, that’s going to set you back, but without one, can often set you back more.
As for repairing your credit, since we know the average amount is £2,171, it may be possible to access smaller loans for adverse credit, which will work out more favourably if it allows you to pay off within a month and have the CCJ/Decree removed.
When You Can’t Remove Your CCJ You Can Soften The Blow
You don’t have to wait six years to remove your CCJ. As TrustOnline.org.uk explains, you can apply to have your CCJ marked as satisfied.
A satisfied CCJ on your credit report shows you have paid the balance in full. An unsatisfied judgment shows the opposite and money is still owed.
That satisfied status is a significant game-changer for accessing any type of credit because even the big banks recognise it as lowering your risk to them.
In October last year, the Guardian published an article about subprime lenders, showing the interest rates as high as 8%. With mortgage rates continuing to fall in early 2016, the lowest rate comes from the Yorkshire Building Society at just 1.14%.
Bluestone Mortgages and Pepper Home Loans mentioned in that Guardian piece, would set you back nearly eight times the lowest mortgage rate. There’s also noise in the buy-to-let mortgage sector with Foundation Home Loans focusing its offering on those in the market for buy-to-let mortgages with bad credit.
The message is clear when it comes to remortgages – clean up credit reports
A possible saving grace to get a CCJ application considered for removal…
If for whatever reason, you didn’t attend the hearing when you were issued a CCJ, you’d be issued with what’s known as a default judgment. Andrew Crisp of Mason Bullock makes a good point about applying to have the judgment set aside.
The caveat with this is that you must have a good reason for not attending i.e. you didn’t know, moved address, exceptional circumstances such as bereavement and that when you first became aware of the issue, were prompt in the redress to apply for the judgment to be set aside. If you are successful in having it set aside, it’ll be removed from your credit report.
Be proactive in cleaning up your credit report, and put steps in place to rebuild your credit history by managing personal finances better. Plastics are the way to go, but NOT if you lack self-control. You need to stick to budgets, within your limits and be able to pay balances down in full every month.
If you can’t do that, do not get plastic. Having credit cards when you lack good money management is dangerous territory.
CCJs aren’t a complete barrier to accessing mortgages. It just means you’ll need a specialist provider, possibly a broker, and will most certainly pay higher interest rates.
When you do, be sure to stick with shorter-term mortgages, as that will let you access better mortgage rates as your credit rating improves.
Remortgage-Related Pages Worth A Read:
- Bad credit remortgages
- Secured loan or remortgage, which is better?
- Remortgage your home to buy a car
- Best remortgage deals from top lenders
- Remortgaging while on a Debt Management Plan (DMP)
- Remortgages for consolidating debt
- Costs associated with remortgaging a property
Is it easier for me to get a homeowner loan rather than a remortgage if I have a CCJ in 2023?
If your existing mortgage has great terms, you could consider homeowner loans bad credit so you can keep the mortgage you have.
Equity Release, Secured Loans, and Retirement Interest Only Mortgages in the UK
Navigating the world of finance, especially as it pertains to homeownership and retirement, can be a complex affair. The UK market, in particular, offers a diverse range of financial instruments designed to aid individuals in unlocking the financial potential of their assets. Among these tools are equity release schemes, secured loans, and retirement interest-only mortgages. Let’s embark on a deep exploration of these options to provide clarity for potential UK borrowers.
Equity Release: Unlocking Your Home’s Potential
Equity release refers to the various ways homeowners can unlock the equity (value) tied up in their property without needing to sell up. This is particularly beneficial for older homeowners who might want to supplement their pension or fund a significant expense.
There are two main types of equity release: lifetime mortgages and home reversion plans. A lifetime mortgage involves borrowing money against the value of your home, while with home reversion, you sell a share of your home in return for a lump sum or regular income.
It’s essential to recognize the long-term implications of equity release. While it provides immediate financial relief, it can also mean less inheritance left for your loved ones. Proper consultation and understanding of the terms can ensure this is the right choice.
Can I Get A 30-Year Mortgage At Age 55?
One question frequently posed by those approaching retirement is about the feasibility of securing a lengthy mortgage term at a later age. Especially if one wishes to release equity in-house under 55, understanding the lending criteria, age restrictions, and potential terms becomes paramount.
Secured Loans: Borrowing Against Collateral
Secured loans, as the name implies, are loans secured against an asset, typically your home. This asset acts as collateral, giving lenders confidence and often enabling borrowers to access larger loan amounts and more favourable interest rates than they might with unsecured borrowing.
While the advantages include potentially higher borrowing limits and longer repayment terms, the risks are also more significant. Failing to repay could result in the loss of the secured asset.
Believe Loans Reviews
When considering secured loans, various lenders in the UK stand out. Among these, the offerings from United Trust Bank have garnered attention. As with any financial commitment, prospective borrowers should research and understand the specifics of United Trust bank loans before proceeding.
Retirement Interest Only (RIO) Mortgages
Retirement Interest-Only mortgages, known as RIOs, are a newer offering in the UK’s financial landscape. Tailored primarily for older homeowners, RIOs allow borrowers to repay only the interest on the loan each month. The loan itself is repaid when the property is sold, which might be upon the homeowner’s death or if they move into long-term care.
RIOs offer retirees a way to tap into the wealth stored in their homes without the need to downsize, providing a potentially significant financial boost during retirement.
Over 55 Mortgage
For those in the 55 and above age bracket, specific mortgage products cater to their unique needs and circumstances. Especially when considering mortgages for over 70s, it’s essential to understand the available options, lending criteria, and potential benefits.
Mortgages For Over 70S
As people live longer and work patterns evolve, there’s an increasing demand for financial products that cater to an older demographic. Exploring the options available for a mortgage for the over 70s can provide insights into viable routes for property purchase or remortgaging at a more advanced age.
Compare Remortgage Rates
The mortgage landscape is ever-evolving, with rates, terms, and products constantly shifting. For homeowners seeking to remortgage, staying updated on the best remortgage rates uk can lead to significant savings over the tenure of their loan.
Fixed Rate Loan Uk
In an unpredictable economic environment, many borrowers seek the stability of fixed-rate loans. With the interest rate set for a specified period, it offers predictable monthly payments, aiding in effective budgeting. For those considering this option, a closer look at fixed-interest loans will provide clarity on current offerings and market trends.