If you have County Court Judgements (CCJs) against your name, or against the name of any other applicant for the mortgage or anyone living with you that shares a 'financial interest' - e.g. spouse or partner, then getting a mortgage can be problematic.
As long as there are only one or two CCJs then there are possibly options open to you with a CCJs Allowed Mortgage. These are higher risk mortgages as you have previously demonstrated some sort of financial problem and the lender is worried that you might default on the mortgage.
But not all CCJs are necessarily your fault. It can be that if you have been responsible for a car accident and your insurers were slow to pay up that the other party issued a CCJ against you to force the insurers to pay - and when this happened to someone I knew, they didn't know themselves until they tried to take out a loan. For this reason, before applying for a mortgage is can be a good idea to run a Free Credit Report Check From Experian to make sure there aren't any nasty surprises! If there are, you may be able to sort them BEFORE applying for the mortgage - and possibly being turned down, which could also end up on your credit report...
Monday 14 January 2008
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