Self-cert mortgages with CCJs: rebuild your credit rating
For people with self-cert mortgages with CCJs on their credit history, there are many benefits. One of the greatest is the fact that the whole time they are rebuilding their credit rating the whole time they are paying off their self-cert mortgage.
With CCJs or without, mortgages are among the best kinds of credit to have. They have been the engine driving British home ownership for more than a century, loosing the shackles of rent and allowing millions of people to achieve financial freedom through outright home ownership.
The role of self-cert mortgages and CCJs
For people like freelancers, company directors and the self-employed, who do not have a regular, fixed salary or have one that is higher than it looks because of tax reporting methods, self-cert mortgages do the same job.
Unfortunately, and often through no fault of their own, many people in all walks of life can end up with CCJs on their credit records. This can make getting credit more difficult (especially if you are looking for self-cert mortgages with CCJs). But CCJs are not a permanent stain and it is possible to rebuild your credit score.
Credit where credit’s due
This is done through getting more credit. The only way you can prove to lenders – be they providers of mortgages or other secured loans or credit card or personal loan providers – that you are worthy of their trust is to borrow money and pay it back. The more you can borrow, and the more often you pay it back as agreed, the more you will improve your credit score.
Taking out self-cert mortgages with CCJs on your record is therefore an efficient way to improve your credit score. Not only does it allow you to buy your own home, but over the months and years will provide you with a good credit history as each monthly payment is met.
Affordability critical when taking out self-cert mortgages with CCJs
Obviously, this will only work provided the payments are all met – and for this reason it is critical that you can afford to pay back any loans that you arrange.
Fairly or unfairly, people with better credit scores get loans with lower interest rates – which are then easier to pay back. So repaying self-cert mortgages with CCJs on your credit history becomes a virtuous circle: eventually you can re-mortgage to a product with better terms, which is easier to pay back, so you can re-mortgage on even better terms, and so on.
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 you’re 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.