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Mortgage Glossary
CCJs Bad Credit Mortgages
 
People with good credit history can easily get mortgages, but what is the chance for people with a CCJ?
Do they have any chance to get a mortgage if they have a County Court Judgment? Although the situation might seem disastrous for people in this situation, with a little attention for detail they have real chances for a new mortgage. All they have to do is to look for the offers and choose the best lender. Some of these persons want to deal with the situation alone, but others ask for professional help from a broker agent.

Traditional mortgage lenders are not the best occasion for people in this situation. They are called traditional because the way they lend their money, thus people with a CCJ do not even have a chance at these lenders. But the economic situation is not too bright these days, so there are many other lenders who offer money even for people with bad credit history, or a CCJ. These specialist lenders even have a product for people with a CCJ: CCJ Problem Mortgage. This type of mortgage is specially designed for those persons who cannot have another type of loan, so it was created to assist those who are in this situation.

CCJ mortgages differ a little from other types of mortgages.
The difference is not too big, and it mainly concerns on how quick the debtor can repay the loan, or the mortgage might have a little higher interest rate than other, common types of loans.
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Also, the period in which the debtor can start making overpayments might be stipulated in the contract too. These are the main differences which might occur between a CCJ bad credit and a common type of mortgage. Since the offer is so vast nowadays, it might even happen that none of these differences are in the contract, since more and more people are in need of a CCJ mortgage, and the market must change according to people’s needs. There are many different offers on the market, there is a perfect loan-type for everyone, but it might be a little time-consuming to search between all the offers.

Let us now see what the procedure to get a CCJ mortgage is. First of all, the person must search for many mortgage offers in order to find the best one. It is important to pay attention to the interest rates, the repayment period. These are the main characteristics which help to compare different offers. After finding the most suitable offer, the safest thing to do is to talk to an expert before making a decision. This expert could be anyone from a mortgage broker to a friend who works in a financial institution. Still, consulting a mortgage broker is best, because they are regulated by a higher authority, and they must give completely transparent offers. Also, they have to explain how a certain product could help a certain person, so they offer conclusive and complete information. It comes naturally that people who need a CCJ mortgage should consult a broker who is experienced or even specialized in these types of loans, this is their best chance, since the broker will be able to present them a correct view on all the offers. Getting a CCJ mortgage will be much easier for those who asked for a broker’s help!

It is not impossible for people with bad credit history to have a mortgage; they just have to know where to search for it. The safest thing to do is to ask for help from a broker who is specialized in CCJ mortgages, because he will know what to do to help his clients get the best possible loan. With the help of a broker, even CCJ mortgages are easy to obtain!