GE Money offers an 80% CCJ mortgage product – but is it any good?
GE Money is a lender that has battled through the credit crunch and continues to offer 80% CCJ mortgages to customers with CCJ issues only via selected broker channels, including Niche Advice Limited.
In order to qualify for the 80% CCJ mortgage you must have been a permanent UK resident for at least 3 years and a current UK residential home owner for at least 1 year.
If you have a current mortgage it must have been maintained impeccably for at least 12 months. If you the property is ‘mortgage free’ i.e. unencumbered, then the maximum borrowing is restricted to 50%.
The applicant(s) must have a combined income of at least £18,000 (excluding any maintenance or benefits).
GE Money operates the following rules on their 80% CCJ mortgage:
CCJ limits for 80% CCJ mortgage
| Registered | Number | Value | Satisfied |
| In the last 2 years | 1* | £1,000 max* | No |
| In the last 2 years | Unlimited | Unlimited | At least 1 year at the time of completion |
| Over 2 years | Unlimited | Unlimited | No |
* Plus 1 other unsatisfied CCJ provided it is not over the value of £250.
Applicant limits for 80% CCJ mortgage
| Loan | Value | Age | |
| Minimum | £25,001 | £90,000 | 18 |
| Maximum | £500,000 | Unlimited | 64 (69 end of term) |
Example of current GE Money 80% CCJ mortgages
Based on a purchase price of £175,000 and a repayment mortgage of £140,000 over 25 years.
There is a telegraphic transfer fee of £23.50 and a mortgage discharge of £150 on full redemption. The main early repayment charges are 3% of the amount repaid in the first 2 years.
The 80% CCJ mortgage products below are current as at 25 September 2013:
Product One: 2 Year Discount
Initial pay rate 5.09% (APR 5.7)
Valuation Fee £449 / Arrangement fee £1,295
Currently at £825.78 per month for 2 years. After this period the mortgage will revert to the lender’s variable rate at the time. Based on today’s prices this would be £856.84 per month.
Product Two: 2 Year Fixed Rate
Initial pay rate 5.79% (APR 5.9)
Valuation Fee £449 / Arrangement fee £1999
Fixed at £884.14 per month for 2 years. After this period the mortgage will revert to the lender’s variable rate at the time. Based on today’s prices this would be £860.36 per month.
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GOOD POINTS ON THE GE MONEY 80% CCJ Mortgage product
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For the full information on 80% CCJ mortgage products and rates and fees please complete the enquiry form on the right-hand side of this page or alternatively call us on T: (020) 7993 2044.
Payam Azadi is a partner at Niche Advice Ltd who are Independent Financial and Mortgage Advisers in London.
DISCLAIMER
The views expressed in this article are based on my own personal general opinions and experiences, and they are not necessarily shared by Niche Advice Limited or other Mortgage Brokers. Rates correct as of 25/09/2013.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
