Posted on 3 April 2011 by keith
I had a CCJ in November 2010 for £11500, now they are going for a charging order, I own my property mortgage free valued at £110k, could I get a interest only mortgage to pay that off and some to do home improvements total required £15k over 10years, 2 years fixed and at what sort of rate?
I have been in employment over 6 months and never had any credit problems before I was made redundant in 2008.
I do not think you will be able to raise a mortgage for this amount because your CCJ is so recent, your employment record so short and the amount you want to raise is less than the minimum loan size of Lenders still in this market.
You may be able to raise a secured personal loan, but this would most likely have to be on a capital and interest repayment.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.