Self-cert mortgages with CCJs: a long-term investment
People looking at self-cert mortgages with CCJs on their credit records might be forgiven for thinking twice about borrowing the large amounts of money currently needed for home ownership. But the benefits of making a good, solid long-term investment can make buying a property worthwhile.
As banks and building societies tighten up their criteria for lending to people wanting self-cert mortgages with CCJs on their credit histories, the products that are on offer are coming with increasingly high charges and unattractive borrowing rates compared with mainstream products.
Pros and cons of self-cert mortgages with CCJs
Together with negative press about the future direction of house prices over the next couple of years can put a lot of people off the idea of buying a property at the moment. But, over the longer term, the pros of taking out that self-cert mortgage, even with CCJs pushing up the charges, can outweigh the cons.
The benefits are twofold. Firstly, home ownership is a long-term investment which pays off over ten, fifteen or twenty years or more. What happens this year and next is largely irrelevant unless you have to sell your home due to a sudden crisis because in general house prices will go up by more than the total cost of the payments on a self-cert mortgage with CCJs.
Pay a self-cert mortgage with CCJs and improve credit score
Secondly, the best way to improve a credit score is to get more credit and pay it off strange as that may sound. The discipline required to pay off a self-cert mortgage with CCJs over a period of time demonstrates to other potential lenders that you are a creditworthy borrower.
Over time, you may be able to change your mortgage to a mainstream mortgage product, saving more money and making that property purchase an even better long-term investment.
Find the right self-cert mortgage with CCJs with Prosper Home Loans
Prosper Home Loans have the experience and expertise to obtain the best mortgage to suit your individual financial situation. Whether you are planning your first purchase, moving home, thinking about remortgage or debt consolidation, buying a second home, or perhaps considering a commercial venture, let Prosper help. Prosper has extensive experience in working with specialist self cert mortgage lenders, so if youre looking for self cert mortgages or bad credit mortgages, email your query to: enquiry@prosperhomeloans.co.uk or telephone: 01424 712333 and find out how Prosper can help you.