CCJ mortgages, or county court judgement loans, are available for individuals who have arrears against them on the public record. For example if you failed to pay off a loan, or missed some payments, you may have a county court judgement against you. County court judgements may also occur when you default on utility bills. If you have had credit troubles in the past there is this option to help you gain a mortgage; be aware it will not come cheap! These mortgages are going to be at considerably higher interest rates to reflect the increased risk to the lender. This of course means that you will have a higher repayment every month than on a normal mortgage. The CCJ mortgages also tend to be variable interest rates rather than a fixed rate. A variable interest rate will change over time, sometimes to your advantage, other times not.
These kinds of loans are offered by specialist lenders and getting one may not be particularly easy. It will all depend on your past credit history and your future prospects as to whether you will be offered a mortgage. You must expect to be turned away by normal lenders who will be extremely nervous about your ability to repay them.
To get a loan you can afford, you need to find out what the current standard interest rate is and the extra cost you will incur because of the county court judgement. Since the risk you offer to the lender when you have a CCJ is higher, the standard variable interest rate will not be available to you. Usually interest rate on a CCJ mortgage is several points higher than the standard.
