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Getting a homeowner loan with Court judgements (CCJ’s) or defaults

Getting a homeowner loan with Court judgements (CCJ’s) or defaults

This wont apply to many people but did you know that almost 290,000 CCJ’s were registered against UK consumers in a 3 month period last year.

That’s the highest in the last 2 years and the trend is set to continue.


The good news is there are many lenders offering virtually every type of product which accept borrowers with CCJ’s. In the secured loan sector particularly, many lenders ignore certain CCJ’s and defaults due to size, date of registration or what type of organisation registered the CCJ.

Depending on the details of the CCJ / default,  secured loans are available at rates around 4%.

So just because someone thinks they have a fairly poor credit history, they can often still borrow at quite competitive rates.

Estimate your loan repayments with our calculator Link to bad credit page – make this bold

At the other end of the spectrum we have a £110,000 loan going through to clear two CCJ’s totalling £97,000 with rates around 10%

There is also a £350,000 remortgage at 3.99% in progress to prevent a bankruptcy and a 95% loan to value secured loan with an outstanding small CCJ in the last year and an unsatisfied  £4,000 CCJ registered 14 months ago.

Unsecured / tenant loans are tougher to get at competitive rates if there are CCJ’s in the background – but it costs nothing to find out and you may be surprised.

Homeowners…….Rather than remortgage (potentially at a higher rate) consider a second charge loan if you have CCJ’s, defaults or even an IVA or pending bankruptcy.

The advisers at Promise are experts in dealing with credit problems because other brokers give us their problem applications to sort out.


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Find a secured loan

Enter some details and we'll estimate your repayments on our popular loan plans – this will NOT affect your credit rating.

How much you would like to borrow?

£

Type in the box for larger amounts

For how long?

yrs

Use the slider or type into the box

What best describes your credit rating?

Perfect: In the last year you have no mortgage arrears, CCJs or defaults. Your credit score is high.

Your repayments are estimated at

£249.51 per month


Secured Loan examples above are based on total borrowing of between 50-75% of the value of your property. Any lender / broker fees can be added to your loan which will increase the repayments and total amount repayable. Discuss this with your Promise adviser.
REPRESENTATIVE EXAMPLE FOR PERFECT CREDIT HISTORY (with all set up fees added to the loan) – £63,000 over 228 months at an APRC of 4.2% and an annual interest rate of 3.47% (variable) would be £398.62 per month, total charge for credit £24,400.36, total payable £90,885.36. This figure includes a Promise fee of £2,690. Actual repayments depend on your circumstances.

By submitting any information to us, you are confirming you have read and understood the Data Protection & Privacy Policy.

2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.

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