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CCJ Mortgages Options

CCJ mortgages are sub prime loans an individual can obtain when they have county court judgments on their credit history. Usually CCJ mortgages are the only options an individual has when they have this type of credit history. Prime lenders don’t like to take huge risks, especially in offering low interest rates and great monthly payments. This means that CCJ mortgages must be obtained through sub prime lenders who are willing to take the risks. These lenders are willing to take the risks because they have higher interest rates and some of the times deals are not always the best for the borrower.

CCJ mortgages don’t have to be the end of it all when you have county court judgements. In fact you can use CCJ mortgages to your advantage. First you have to understand how CCJ mortgages work. Most often the mortgage broker you are working with is going to try and find the best mortgage option for you. You may even ask this person about the different types of CCJ mortgages, such as fixed rate, variable, rate, interest only, capped, and tracker mortgages. Sometimes you are able to get CCJ mortgages with a fixed rate that will help you over time. In other cases you may have to start out with CCJ mortgages that have a variable rate, but after two or four years you may be able to refinance for CCJ mortgages with a fixed rate.

When you discuss CCJ mortgages options you really need to discuss what you can get and why. You need to know when the CCJ was placed on your credit history. In some cases you can have the CCJ removed to help you obtain better CCJ mortgages. If you can have the CCJ removed you may be in great shape for the fixed rate CCJ mortgages.

Removing a CCJ from your file is not an easy task. In fact it requires you to talk with the court about why the judgment was placed on you, whether you have repaid the debt, and to seek removal with the company that placed in on the credit history in the first place. Most often if the CCJ has been on the record for more than five years the court will be able to remove it. This also means that you have been improving your credit history since. If you still have issues with income, paying bills late, and other financial issues the judgment may not be removed and sub prime lenders may not be willing to work with you.

It is important to understand the situation you are in before you seek a mortgage broker or lender. Understanding your financial situation, what you can afford, and trying to remove the CCJ is in your best interest. Right now sub prime loans are not the best place to be in, and some places are being a little stricter. This doesn’t mean that you can’t get a loan. You just need to make sure that everything is in line.

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