The role of the mortgage broker if you have adverse credit
If you’ve got a history of difficult financial decisions leading to adverse credit, or you’ve been affected by a CCJ, you may feel securing a mortgage is an impossible dream. Many high street lenders are still reluctant to lend to those with poor credit histories, even if you’ve taken proactive steps to regain control over your finances.
You may feel like you are alone.
But the reality is that a whopping 7.91 million adults in the UK could be classed as having adverse credit (source: Specialist Lending Study, Pepper Money, March 2023). More worryingly, “A third of people with adverse credit say the level of their unsecured debt has increased in the last 12 months” and “31% of those with adverse credit are concerned that their level of outstanding debt will make it harder for them to get a mortgage.”
With that context, we want to reiterate to you that having a CCJ isn’t an automatic barrier to getting a mortgage.
It might make it slightly harder, but as experienced CCJ mortgage brokers, we’ve seen how competitive the specialist mortgage market is becoming.
More independent and niche lenders are now actively lending to those with a poor credit history. Rather than using a straight-forward computer system to make key financial decisions, these smaller, niche lenders are relying on personal trained underwriters to look at each individual application on a case-by-case basis.
This is positive for anyone who has been impacted by a CCJ. It means there are more options than ever before, and your mortgage dream may become a reality.
A CCJ mortgage broker plays an essential role in securing mortgages
Worryingly, the research from Pepper Money indicated “Only 24% of people with adverse credit who are looking to buy a property in the next 12 months say they would speak to a broker to help them get a new mortgage.”
We understand in today’s cost-of-living crisis, every penny counts.
You might be worried about spending excess pounds on a mortgage brokers fee.
But the reality is, working with an experienced CCJ mortgage expert could save you thousands of pounds.
A mortgage broker could secure you a much better mortgage deal than you could find yourself and give you the best possible chance of being accepted for a mortgage. With spiralling costs affecting almost everything at the moment, if a mortgage broker could secure you a deal with a lower interest rate, you could free up significant amounts of cash each month.
Beyond this, there are also more hidden benefits to working with a CCJ mortgage broker
Access to the whole market
At CCJ Mortgage Experts, we work with high street, independent and niche lenders across the UK. Our relationships with CCJ mortgage lenders mean we know who to turn to based on your personal credit history.
Advice and guidance
Our knowledge and understanding of CCJ mortgages means we can answer any questions you may have.
Mortgages can be complex, and we don’t expect you to have all the answers.
That’s why we’re here.
You might have questions about what rising interest rates could mean, or you might want to know how long you need to wait after a CCJ before applying for a mortgage.
We guarantee, there are no daft questions. We’ve been providing CCJ mortgages for over ten years, and we’ve seen and heard it all. Our team take the time to explain all of your available options, and we figure out a positive solution that helps you to own your own home.
We save you time as well as money
Your time is important. You don’t want to spend hours glued to the internet researching CCJ mortgage options. Let alone filling in lengthy application forms or spending ages on hold trying to get through to a person to speak to.
But we do.
As experienced CCJ mortgage brokers, we can handle all of the paperwork on your behalf. We’ll submit the application for you, speak to the underwriters and even chase up any documentation or missing information for you. You can sit back and relax, secure in the knowledge we are doing everything possible to secure you a mortgage on your dream home.
Your mortgage journey begins with a short phone call
Applying for a mortgage should be exciting not daunting. If you’ve got a poor credit history, book a call back from a member of our team. We’ll chat through your personal financial history and discuss all of the options available to you and your family.
Once we’ve figured out your affordability, the search begins. We’ll focus on finding the right CCJ mortgage lender. You can focus on searching Rightmove to find your dream home.
There’s never any harm in giving us a call to discuss your options. You might be surprised to discover how easy it could be for you to take those first steps onto the property ladder.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE