County Court Judgements (CCJ) are intended to help people who have had prior financial problems settle those problems and prepare the way for a more stable future financially. Only a few years ago there were only a few companies willing to offer such remortgages but now there are plenty of companies offer CCJ remortgages at very competitive interest rates.
Having a CCJ on file can be a major hindrance when applying for a remortgage via the conventional routes, through the High Street Banks and Building Societies, although you may still be able to secure a CCJ remortgage with specialist help from a large number of specialist/sub-prime lenders. Of course you can also apply for a remortgage online using a single short form and this is where you are likely to get the very best deal, giving the lowest interest rates.
There are also lots of finance consultants who can help walk you through the minefield of remortgages and this is a good option if you don't want to deal with all the paperwork etc. These specialists will help you apply for a remortgage and they get a % commission once the remortgage is provided by the lender, so you don't have to pay any money for their services.
A CCJ is more likely caused by consistent late payments or by multiple late payments. Even a CCJ (called a Decree in Scotland) does not limit a person from being able to get a remortgage on a home. A CCJ remortgage could be a way to remove the judgment from a credit file. Normally, a CCJ will remain in a credit file for six years from the time of judgment. If a person doesn't meet the terms of the original CCJ then it can be extended.
It is important that payments be kept up and consistently so, in order to keep future CCJ's from becoming a part of the credit file. Depending on how many CCJs you have and your past credit history there are a range of remortgage deals available. A past CCJ (County Court Judgement) for failing to pay a debt is not necessarily a bar to getting a better deal on your mortgage.
Many people these days have a CCJ and this could hamper their efforts if they are trying to remortgage. If you already have a CCJ (County Court Judgement) then you already know that they are actions usually taken for the non-payment of outstanding debts.
ConclusionIt is important to keep in mind that CCJ remortgages are possible and one should not be discouraged if they have a county court judgment against them. CCJ Remortgages are intended to help people who have had prior financial problems settle those problems and prepare the way for a more stable future financially.
With so many different ways to obtain a remortgage now available, whether online or offline, you can still get a remortgage ir-regardless of your finance situation. This can be both good and bad news at the same time as if you don't do your homework you can potentially put yourself deeper into debt which may have got you into this position in the first place.
AuthorPaul Hockney is an online loan expert who provides
ccj remortgages tips and advice.
