How Much Can I Borrow with a Judgment on My Credit File? 

You can borrow up to 95% of the property value with our specialist lenders, though stricter lending criteria apply. Major lenders may consider lending between 70% to 80% on a case-by-case basis. 

Will I Get Approved with a Judgment on My Credit File? 

 To boost approval chances: 

• Pay off your judgment before applying. 
• Provide a written explanation for your judgment. 

Understanding a Judgment: 

Debt judgments arise from court proceedings where a person owes money. For instance, if mortgage repayments are consistently late, the lender may take legal action. 

What Lenders Know About Your Judgment: 

Lenders see the judgment on your credit file, indicating financial trouble. They don’t know all details but are aware of legal action and view it as a high risk. 

Duration of Judgments on Credit Report: 

Judgments, public records, stay on your credit file for five years from the judgment date. 

Paid or Unpaid Judgments: 

Judgments, whether paid or unpaid, remain on the credit file for five years. Paying it improves your file status. 

Recent Legislation Impact: 

As of February 14, 2020, non-credit-related judgments, like disputes not affecting credit, won’t appear on your credit report. 

Removing Non Credit-Related Judgments: 

If a non-credit-related judgment persists after February 14, inform the credit reporting bureau to remove it. 

Removing Credit-Related Judgments: 

For credit-related judgments, removal is possible if paid and the plaintiff agrees. Seek legal assistance or follow the process yourself: 

• Obtain plaintiff consent. 
• File with the local court. 
• The case is reheard, stamped, sealed, and potentially dismissed. 
• File with credit reporting bureaus. 
• Judgment is removed within 10-15 days. 

Effect on Loan Approval: 

While judgments present high risk, seeking approval from specialist lenders known to accept such cases increases your chances. 

Note: Seek professional advice for judgment removal.