Those people who have a County Court Judgement against their names no longer are prohibited from borrowing money for a remortgage on their property.  Competitive rates are available for those who wish to obtain a CCJ remortgage. 

Years ago, lenders would not lend money to persons with a CCJ against their name.  Lenders felt that those who could not meet the repayment schedule on past payments, they proved themselves to be a poor borrower.  A growing number of lenders are now offering remortgages to people with a County Court Judgement. 

There are many reasons for one to consider remortgaging their property.  Many people have an interest rate that is substantially higher than the current base rate.  The base rate, established by the Bank of England, influences the rates mortgage lenders charge their customers. 

Many people wish to remortgage to gain cash back to perform some house improvement.  Others wish to save money by gaining a lower interest rate, thus lowering their monthly payments.  Still others seek more flexibility in their mortgage payments; either to suspend periods for a brief period of time with a mortgage that offers holiday payments, or to pay additional money towards the capital of the loan. 

Remortgaging is not difficult and accounts for about 50 percent of the mortgages made in the United Kingdom today.  A person with a CCJ can find many lenders who will be willing to overlook their past credit history and lend them the money to remortgage their property.

Many people who have an interest only mortgage wish to switch to a repayment mortgage.  A repayment mortgage requires the borrower to pay both capital and interest on their mortgage, but come up with the entire amount due on the capital and the end of the loan period, which can be anywhere from five to 25 years.  If the mortgage capital is soon due and a borrower does not have the funds needed to pay off the capital, a repayment mortgage may be a viable option.

Fees associated with a remortgage include arrangement fees, solicitor fees and a basic valuation fee for the property.  In some cases, arrangement fees for a ccj remortgage may be slightly higher than a standard remortgage. 

Many people who have mortgages at older, higher rates can benefit from a ccj remortgage.  In order to find out which type of mortgage is best for you, you must consider what you desire to do and your current financial status.   A borrower has to also determine whether or not their existing mortgage charges a fee for repayment.  In order to remortgage your property, your new lender will have to pay off your existing mortgage.  Many people have mortgages that have repayment costs.  Prior to remortgaging your property, you should determine if your existing lender does charge a repayment fee as well as the amount of the fee.

A CCJ remortgage can benefit a borrower in many ways, particularly if the borrower has a high interest rate on their existing mortgage.  To find out more about obtaining a CCJ mortgage, visit Finance Tracker to discover which type of CCJ re mortgage is right for you and your circumstances.