Bad credit remortgage

Bad credit remortgage:

If you are a homeowner and have equity in your property, you can raise money and consolidate your debts even if you have credit problems.If you have an existing mortgage that is proving costly and unsuitable but you also have a poor credit history you may find it difficult to get a better deal. However, there are some lenders that are able to offer a bad credit remortgage, and by looking at the deals on offer from these lenders you could find that you are able to get a better interest rate and lower repayment than your existing one.What is remortgage? A remortgage (also known as refinancing) is the process of paying off one remortgage with the proceeds from a new mortgage using the same property as security.

The term is mainly used commercially in the United Kingdom, though what it describes is not uniquely British. Often the purpose of switching is to secure a more favorable interest rate from a different lender. You can apply for bad credit remortgage even if you have a bad credit rating, mortgage arrears, or County Court Judgments (CCJ‘s). Bad credit remortgages are becoming common to raise money to pay off existing debts. Many of the lenders are offering very competitive mortgage products to cater for this growing market.Consider a bad credit remortgage if you want to raise additional cash by releasing some of the equity tied up in your home. Rising property prices mean that many people have mortgages which are well below their home‘s current value. This difference between the value of the property and the size of the mortgage on it is known as equity. Lots of mortgage lenders will let you to take out a bigger mortgage in order to free up some of this equity. The cash that‘s released in this way can be used for all sorts of different uses, such as home improvements, holidays, a new car, or to pay off existing loans and credit cards.
Although choosing the right bad credit remortgage is never easy. Bad credit remortgage brings with it a whole list of questions. remortgage with bad credit is always something to be apprehensive about. Bad credit remortgage is the way for you if you have been put labeled as a bankrupt or involved in some legal proceedings. In addition arrears, defaults or any other mistake with loans simply imply bad credit. If your motives is to reduce your monthly payments then shop for a bad credit remortgage that offers lower interest rates than your current mortgage. Look for any redemption charges on your current mortgage. Ask your current lender if he is willing to provide you with better interest rates. If he is ready to provide you with better deal, stick with him. Otherwise switch to another lender for bad credit remortgage unless there are redemption charges.If you have bad credit, there are fewer options available to you, but there are still plenty of bad credit remortgages available. To save time and hassle, it makes sense to get help from a bad credit remortgage consultant. You will see that even if you have got mortgage arrears, defaults, no proof of your income, county court judgments, IVA’s, previous bankruptcy, or any other “black mark” on your credit file, the chances are that you will not pass traditional lender’s credit scoring, but bad credit remortgages can help you.