A CCJ remortgage is a remortgage that is designed for someone with a County Court Judgment or CCJ. A County Court Judgment is when a legal decision of monetary value has been handed down against a person. This means they have a bad debt and it is reflected on their credit. This can often be more damaging then a simple bad credit mark on a credit history. However, there are lenders who specialize in CCJ remortgage.



A remortgage is when a home owner gets a new loan to pay off their old home loan. A home owner would do this to get a better interest rate which will save them money.

A CCJ is a serious matter. If the debtor does not honour the CCJ they will face possible problems with their home. The creditor can apply to get a lean put against the home. If the debtor still doesnt pay the CCJ the creditor can seize the home for payment.

One good reason for a person to seek a CCJ remortgage is to help them be able to clear up the CCJ. The home owner could remortgage their home so they could have extra money every month, since the lower interest rate would mean lower monthly payments. The extra money they are saving could go towards paying the CCJ.

Many lenders understand this situation and are offering to help out someone who has had a financial rough patch. However, they may not be able to find an interest rate that is good enough. This is especially true if the home was purchased when the home owner had excellent credit. They may be stuck with their rate because it is the best they can get.

A CCJ remortgage will usually involve a lot of work on the home owners part. They will have to prove their income and that they can afford the debt. This will likely be though roughly checked by the lender, since this is the main factor in deciding if they wish to extend the loan or not. Not having a good source of income would be an immediate cause for alarm and would most likely equal a denial for the loan.

CCJ remortgage lenders are really risking a lot. A person who has a CCJ has been legally proven to not honour debts. However, home loans are often a whole different area then other debts. That is because the loan is secured by the home. If the home owner does not pay the debt then the lender simply gets to take possession of the home and sell it to get their money. Property goes up in value as it ages, not down, so this makes it the ideal collateral for a loan. The lender is almost guaranteed to get what is owed to them. This is why many lenders are not so cautious about CCJ remortgage loans.

A CCJ is not something to take lightly. If a person can secure a CCJ remortgage loan to help pay off their CCJ then that is a wonderful deal. Not only will they have the chance to save money on their home purchase, but they will also be clearing up their credit record.