Ccjs Remortgages - The Truth!

Having a County Court Judgement (CCJ) registered against you is far more common in the UK than you may think. In fact each year approximately 1 million CCJ's are formally registered.

It can all happen too easily, sometimes without you even being aware of it. Unemployment, divorce, or perhaps a massive bill that you simply could not afford to pay. Whatever the reason once a CCJ is registered against your name, your chances of getting a remortgage accepted by one of the many high street lenders are very unlikely.

It's a simple fact that it's easy for a lender to quickly refuse your application rather than investigate the circumstance that led to your financial problem.

Even when the debt is fully paid, and the judgement is now marked as satisfied, the CCJ will remain on your credit file for up to 6 years.

Once the CCJ is in place and you need a remortgage then you will need to find a lender who provides a CCJ remortgage or what is known as a Adverse credit remortgage, also known as bad credit, poor credit, sub prime or non status adverse credit remortgage. They all mean the same - that you have low credit score. CCJs, IVAs, arrears, defaults, late payments, bankruptcy and foreclosure all can amount to the dreaded adverse credit and therefore you qualify only for adverse credit remortgage.

Before getting an adverse credit remortgage you need to understand the risks involved. Remortgages will put your home at risk since you need to place your home as security. You need to consider a number of elements including the costs associated with evaluation, legal costs and fees and don't forget possible redemption costs.

Adverse credit remortgage for UK borrowers : Release equity and raise capital through adverse credit remortgage. Remortgage that suits your budgetary needs. Get a choice of fixed, variable, discounted, tracker and capped interest rates. For any adverse or bad credit condition. Find out more about remortgage costs from experts advisors.

With an adverse credit remortgage you could substantially reduce your monthly outlay and have one low manageable monthly repayment and still have a cash lump sum spare to spend on whatever you like.

However, you should be aware that rescheduling your debts over a longer period, and making a smaller monthly payment, will mean that you will repay more interest over the revised term. Of course with an adverse credit remortgage you will be paying a higher interest rate than a 'normal' remortgage for the same amount. That is the price you pay for having the CCJ raised against you.

Conclusion Given the amount of new lenders willing to provide remortgages to people with a CCJ you should still be able to find a very competitive adverse credit remortgage if you shop around. Although you may be desperate do not take the first remortgage offer you are given. You should aim to get at least 3 offers before making a final decision and the extra work could save you 1,000's in the long run.