An adverse credit remortgage can be a lifesaver if you're searching for ways to escape debt and recover your financial health. However, if you have a County Court Judgment or an Individual Voluntary Arrangement in your history, finding affordable remortgage deals may be challenging. Although you may be tempted to go straight to a specialist lender for an adverse credit remortgage deal, consider your options carefully before you take this step. Your current lender or another high street bank may offer you an affordable arrangement without the high rates of a specialist loan.
Adverse credit remortgage deals have helped many struggling home owners consolidate debt, reduce their monthly outgoings and avoid the serious financial consequences of debt, such as house repossession. However, a remortgage can present certain pitfalls to a borrower, especially if you are under financial stress. Compare quotes from several reliable lenders and consider their offers at your leisure before you commit to a remortgage that may end up costing you more money in the long run.
Repairing Your Finances
A history of unpaid debts can be an obstacle to obtaining any sort of loan, especially a larger loan, such as a remortgage. Lenders consider your financial rating when you first take out a mortgage, and again when you apply for a remortgaging arrangement. If you've been struggling to keep up your obligations and you've missed one or more repayments, a lender will note the missed payments and may deny your application based on your credit history. A CCJ remortgage deal or other indications of adverse credit may also interfere with your chances of remortgaging your home.
Before you apply for an adverse credit remortgage, request a copy of your credit report. Your credit report reflects your borrowing and repayment history, as well as your current and past addresses. Reviewing your report will allow you to fix any errors that may result in a low National Credit Score. The more accurate the report, the more likely you are to obtain a deal that accurately reflects your current financial status.
Many applicants with an adverse financial history are turned down by one or more lenders. Because lenders use different criteria to decide whether to offer you a deal and determine your interest rates, you may find that you receive a competitive offer after the first 2 or 3 applications. Whilst some lenders place a great importance upon 1 or 2 missed mortgage repayments or a CCJ, for instance, others may be willing to overlook this issue if you've kept up your repayments consistently ever since and have not defaulted on any other loans.
If you are unable to obtain an affordable adverse credit remortgage deal, consider taking some time to repair your finances before reapplying. You may save money in the long run by paying off debts and establishing a stronger rating before you take on a new financing arrangement. Having an adverse history doesn't necessarily exclude you from the most competitive remortgage deals; however, you'll find it easier to achieve a cheap interest rate if you resolve some of the adverse factors in your report.
Best Adverse Credit Remortgages
An adverse credit remortgage almost invariably has higher rates than a traditional residential or buy to let remortgage. Over the course of your contract, the interest that you pay will have a considerable effect on the final cost of your home. Committing to an adverse credit remortgage with a high interest rate means that you'll have paid more for your house by the time the you've paid off the loan. You may also pay an additional fee if you go to a specialist lender for an adverse credit remortgage deal.
If a specialist loan is your only option, you may find that this approach is your best bet for avoiding the more serious repercussions of debt. An objective, independent broker may help you avoid the potential pitfalls of specialist deals, such as high lender's arrangement fees. Although brokers charge fees for their services, the advice they provide may save you a great deal of money, time and stress in the long term. After several years of keeping up repayments and improving your score, you may be able to arrange another remortgaging deal with cheaper rates.
With careful financial planning, patience and persistence, you can overcome an adverse financial history. An adverse credit remortgage may be the first step in improving your finances. With the financing from this new arrangement, you may be able to pay off high interest debts or arrange lower repayments. If you're concerned about your financial status and you're having trouble keeping up your repayments, take action before your situation becomes severe. Compare quotes from several reliable lenders on a deal that may help you keep your valuable home.
WHAT PEOPLE ARE SAYING
We were hoping to remortgage our home and get some better rates, and this site made that process very easy. It would have been much more difficult otherwise. Thanks.
Adverse Credit Remortgage. An adverse credit remortgage can be a lifesaver if you're searching for ways to escape debt and recover your financial health.
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