Can I get a mortgage with poor credit, defaults & CCJs?

Mortgage poor credit

When it comes to getting a mortgage, we’ll be honest and say that having chequered credit history (Defaults & CCJs) can provide some challenges. But can you get a mortgage with defaults and CCJs in your past? Absolutely!

The reality is that the pressures of modern life have meant many families have been forced to live beyond their means. The financial crash put many under extreme pressure, while for others, it can simply be an ongoing case of robbing Peter to pay Paul. Life is expensive and raising a growing family makes it costlier still.

For others who have been hit with a substantial and unexpected cost, they may have to borrow more than they are comfortable with, out of pure necessity. If the gearbox fails on your car, or the engine fails without warranty cover, what option do you have, without ready cash to hand, but to use credit?

In amongst all this, missing a payment here and there is a fact of life. The truth is that more people than you realise have defaulted on financial commitments, had a County Court Judgement go against them, enter into debt management plans or even filed for bankruptcy.

If this is you, it’s all too easy to think that you’re out of options when it comes to being able to own your own home. As a result, we see people who are tolerating a very high-interest rate with their current lender through fear of rocking the boat and having some difficult conversations.

The other side of the homeownership coin sees many thinking they’re stuck in rented accommodation for the long haul, with their own dream home forever out of reach.

The good news is that in most cases, there is a way forward!

There are specialist finance brokers, of which Cornerstone Finance is one, that are experts in helping borrowers to navigate the minefield of poor credit options.

A specialist broker is able to connect you with a number of highly reputable lenders who will take a more practical view of your situation than a typical high street bank or building society.

Due to past credit performance, your offered rates may be slightly higher than ‘average’, but by securing borrowing without an early repayment charge, you are able to utilise this option until your credit position enables you to move to a regular mortgage at standard, or close to standard rates.

This is a simplified explanation and any good broker will hand-hold you through the process from start to finish.

If you’re wondering about your ability to get a mortgage because of defaults or CCJs, start a conversation with Cornerstone Finance today.