County/Credit Court Judgements (CCJ) - Cheap Mortgage Deals

County/Credit Court Judgements are an unfortunate fact of life today. With the nations debts mounting and more consumers than ever encountering difficulties in repaying their loans, the number of CCJs has increased.

If you take out a loan agreement and you fail to honour your repayment terms on money borrowed, it is likely that after various measures to claim the funds back, you will be required to attend the local County Court. If the debt isn't satisfied at that point then a decision or judgment will be filed against your name and be registered on your credit file as a CCJ. If the debt is paid or satisfied and a satisfaction certificate obtained it will be noted on your credit file as paid.

Many people find that an undischarged debt from university days for instance, has lain on file and been forgotten. If you are unsure of whether you have a bad credit history, it would be wise to contact one of the leading credit reference agencies to request a copy of your credit file. It is far better to do this yourself, especialy if you are wanting to apply for a mortgage, as it does not count as extra activity on your file as it would if an advisor or lender made enquiries on your behalf. Click here for Equifax's website for more information.

If you have CCJs you can still successfully apply for a mortgage. Your advisor will need to know in advance that your credit history includes either missed payments, IVAs or CCJs. This will mean that your mortgage product will not fall into the standard home loan product bracket. Your interest rate will be higher depending on the gravity of your bad credit history. Your advisor will source a product that is suitable for your circumstance either light, medium or heavy adverse.

Once your adverse credit mortgage has run to its full term and you have made all your monthly repayments without fail, you can remortgage with a standard product and lower your interest rate payments, this is why the adverse credit mortgage is often referred to as a 'credit repair mortgage'.