Even the vast majority of real estate investors can have problems with their credit scores or get a CCJ at one moment in their career. So, even if you encounter this type of problem, you should not worry too much. Nowadays, there are many types of bad credit mortgages, such as a mortgage with CCJ, that you can find when you are in need. Of course, it is a lot more difficult, and the conditions won’t be the same compared with the options for perfect credit scores.
In this article, you will find all the information you need about bad credit mortgages. You will be prepared for every situation that you will need to deal with in the future. Of core, the most effective method is to look for mortgage brokers. The information you can get here may not be enough to help you solve all your problems by itself.
It Is Possible to Find a Mortgage with CCJ in a Short Period
If you have a County Court Judgement or CCJ for short, it is extremely hard to find lenders that will be willing to give you a mortgage. Obviously, your credit score will be negatively affected for sure. So, most people believe that in this situation, it is impossible for them to get a loan. But that is not true. It is indeed possible to find a mortgage with CCJ.
Of course, without the help of professional brokers, it may take you a lot of time to find such mortgages, and even the ones you find will have the worst possible conditions. But luckily, you can easily find reliable brokers nowadays that have the network you need to find reasonable mortgages even in circumstances like yours.
So, it is in your best interest to look for brokers and see what they have to offer. Who knows, you may be able to find a very satisfactory mortgage even with the bad score and CCJ. But you still need to be prepared to meet stricter requirements. In the end, the risk you represent for lenders is much high than normal.
You Should Never Look for a Mortgage with CCJ Without the Help of a Broker
If you need a mortgage with CCJ, then you should never start searching without the help of a broker. You may wonder why you should spend money on a broker? Well, in your situation, it is the best thing you can do. Otherwise, even if you find a few of these types of loans, they may not be worth the time and effort you spent.
If you compare the period, you will need to spend to find such loans with the period needed by a broker. You will find a vast difference. Moreover, the quality of the loans that you can find won’t be able to compare at all with the ones found by brokers. Aren’t these two reasons enough to convince you?
You need to be able to value your time properly. Keep in mind that every hour you spend looking for mortgages yourself will prevent you from earning money. So, how much money could you make during the period needed to look for mortgages? Is the total sum higher than what you need to pay to the broker? In most cases, the answer is a clear yes.
What Conditions and Requirements Do You Need to Meet for Bad Credit Mortgages?
All the bad credit mortgages will come with some extra conditions and requirements that you need to meet. Most lenders will not even consider lending to you if you have a CCJ or your credit score is simply too small. Check more information about CCJs here. But some of them may ask for strict conditions such as deposits of up to 50%, which you will surely not want.
But if you go to a broker, then you may be able to get a mortgage with a deposit between 15-30%, even with a bad score. Of course, the situation of every person is different. So, not everyone may be eligible to get this type of loan.
But only a broker can tell you for sure if there are any chances that you will be able to find a reasonable loan. And even if you are not currently able to, then you may be able to do so in the future. And the brokers have the perfect advice you can follow to improve your situation.
Are Bad Credit Mortgages Really the Best Option for You?
Of course, you may still not want to get bad credit mortgages and suffer the costs. And you may be wondering if this is really the only option available to you? The answer is currently yes. But if you do not urgently need the mortgage, then there are some things that you can do instead of getting a mortgage with CCJ.
If you are able to wait, then it may be better to do so. If you take a few months to a couple of years, then you should be able to improve your credit score to a very high degree. And this process will be very helpful when you try to get a mortgage again.
Suppose you do not know all the possible methods that you can use to improve your score. Then you should visit a broker and get all the advice you need. Remember that brokers are the ones with all the information you need about mortgages, including how to improve your credit score.
Look for Reliable Brokers Today and Let Them Help You Find the Best Option
The only thing remaining is to find reasonable brokers. A task that does not seem to be very hard. But is that true? There are many options on the market, and you should do your research before you decide on the brokers you will collaborate with. So, here are three characteristics you should check while looking for brokers:
- Good reviews can be the difference between reliable and unreliable brokers
- The online reputation of a broker can give you many details you need
- Make sure the top brokers you find are offering mortgages even for those with bad credit