CCJ Mortgages

CCJs can also severely affect borrowers looking to either purchase their first property or move house.

Many high street lenders see CCJs on an applicant’s credit record as a sign of unreliability when repaying money. Lenders will be unwilling to loan large sums of cash when there is a perceived high risk of them not being paid back.

As a result those with CCJs are forced to turn to specialist mortgage lenders. Although by attaining a mortgage through these sub prime lenders borrowers will be normally charged a higher rate of interest, increasing the overall cost of the mortgage. After three years of repaying the mortgage on time their credit rating will no longer be considered as adverse.

This means they can then remortgage and enjoy the significant savings that standard mortgages offer.

For more information on CCJ's, and how they can affect a borrowers chances of getting a mortgage visit UK Mortgage Advice.