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Can I get a mortgage with an unsatisfied CCJ?

If you owe someone money, they may apply for a County Court Judgment ordering you to pay it back. Those orders typically go by the common term of CCJs. Can I get a mortgage with an unsatisfied CCJ this post will explore this in more details.

As Citizens Advice warns, once you have a CCJ against you, it is likely to affect your credit rating – so, making it challenging to secure credit in the future and, most critically, a mortgage.

Simply having a CCJ against you, though, is by no means the end of the story. A record number of CCJs were issued in 2019, reported the Guardian newspaper recently – a volume that has doubled since 2012. A CCJ alone may not prevent you from getting a mortgage.

What is taken into account?

There is little doubt that a CCJ adversely affects your credit rating – and a healthy credit rating is the route to success in obtaining any kind of mortgage. The CCJ appears on your credit report, and that is the information held…

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Can I get a mortgage with satisfied CCJ?

A record number of CCJs – or County Court Judgments – were issued in 2019, according to the Money Expert. The total of 1.17 million CCJs issued represented £1.7 billion of debt, an 8% increase in the comparable figures for the year before.

With so many individuals likely to be the subject of such judgments, therefore, it might be helpful to examine just what they are and address whether it is possible to get a mortgage with a satisfied CCJ.

What is a CCJ?

If someone – an individual or a company – believes that you owe them money and you have not responded to their requests for payment, they may apply to the county court requesting an order that you pay the amount owed.

The process is relatively straight forward, as is the communication of any order made by the County Court. As the official website explains, the CCJ is simply sent to you by post, at your last known address, stating:

the amount you owe; how to make payment – b…
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Can I remortgage to borrow more?

Up to 800,000 UK homeowners could be paying more than necessary for their mortgage, said an article in Homes & Property recently. They could be saving up to seven weeks’ worth of earnings simply by remortgaging, claimed the magazine.

A similar point had been made by Forbes magazine on the 22nd of April 2020, when it referred to the Bank of England’s reduction of the base lending rate to 0.1% on the 19th of March and the subsequent fall in mortgage rates generally.

Reasons to remortgage

Forbes argued that the fall in interest rates allowed many mortgage holders to remortgage their home to enjoy a more favourable, competitive deal.

Many homeowners enjoyed cut-price mortgage repayments while on an initial fixed-rate deal but have since reverted to the lender’s much higher standard variable rate (SVR) once the initial introductory offer expired. Remortgaging – effectively replacing the existing mortgage with a new alternative – offers a way …

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