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My son is trying to remortgage a buy to let property, but the stumbling block is that he has an almost 5 year old CCJ for £20K, which is also a charge on his house (not the buy to let) and he is also paying a regular payment towards this debt each month. Question....This CCJ reaches 6 years and supposedly 'drops off' in January 2021. I know the debt never disappears, but once it reaches 6 years, is it really no longer on his credit report and no longer taken into consideration when say, remortgaging?
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Yes it will drop off the credit report, but if remortgating the property, your son might be asked questions around whether he has had a CCJ previously, if there are any outstanding debts or charges against assets in his name. Lying about any of those questions or similar ones may invalidate his mortgage should the lender find out.
So while he will not have a marker against his name on the report, that does not mean lender's won't take it into consideration. If the question isn't asked, you don't need to raised but most lenders are likely to raise a question around liabilities or variations of it.If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
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