Do I need a specialist mortgage broker to get a Mortgage with a CCJ?

Do I need a specialist mortgage broker to get a Mortgage with a CCJ?

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If you fail to pay back money that is owed to a lender and court proceedings are put in place against you, you run the risk of receiving a CCJ or County Court Judgement. CCJs can have a negative impact on an individual’s credit score, ultimately meaning that obtaining a mortgage or other forms of borrowing can be substantially more difficult. As a result, if you have had a CCJ in the past, you may struggle to find the best mortgage deals on the market.

However, this doesn’t mean that mortgages aren’t available to you full stop. In fact, there are a number of specialist CCJ mortgage lenders who are able to help if your credit history is less than perfect, and the number of lenders who will help individuals with a CCJ is increasing. Having said this, you’re unlikely to find a High Street lender or mainstream lender which offers CCJ mortgages.

This is where a specialist mortgage broker steps in.

Specialist mortgage brokers are qualified experts who are registered with the FCA and offer a combination of expert advice and experience which enables them to seek out the most suitable mortgage rates and deals, including for CCJ mortgages. As experts in their fields, specialist brokers know the mortgage market like the back of their hands, and consequently are able to access specialist lenders who would not usually deal with customers directly.

How does a mortgage broker work?

Armed with in-depth knowledge of the mortgage market, a broker will look at a range of mortgage deals to suit an individual’s specific needs and personal financial history.

Brokers will take the time to fully understand their client’s financial position, including whether any bad credit (including CCJs) could impact on the mortgage process. Providing professional advice, mortgage brokers are able to guide their clients through the entire mortgage process, and their services can be particularly helpful if bad credit is likely to affect your chances of getting approved.

For those who have CCJs or other issues impacting their credit rating, specialist mortgage brokers will work with you to find lenders who are more likely to approve your application. As a result, specialist mortgage brokers can carry out the majority of the leg work when looking for mortgages which are suitable for those with CCJs.

I have a CCJ – should I use the services of a mortgage broker?

Fundamentally a mortgage broker’s job is to secure the most suitable mortgage deals for their clients, including those with bad credit. It is well known that having a CCJ can negatively affect your chances of securing a mortgage, however with the help of a broker your chances can be improved significantly.

More mortgage options are available for those who use brokers, especially if they have a history of poor credit.

But there are a few questions you can ask yourself before you begin the process, and some factors which will ultimately help improve your chances of securing a CCJ mortgage regardless of whether you use a broker or not.

Namely, how long ago was your CCJ? CCJs stay on file for six years, so the amount of time that has passed since you received it will stand you in better stead with lenders. Plus, the amount your CCJ was for will also have an impact on how favourable a lender will look on your application.

A specialist mortgage broker will help you assess these factors and recommend products for which you are likely to meet the criteria. Rather than searching through a sea of mortgage products on your own, a specialist mortgage broker will help you to make an informed decision about what mortgage deals are suitable for you and your individual circumstances.

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