Utilise our 25 years of mortgage experience to get your free personal poor credit remortgage quotation. When you are unfortunate enough to have some adverse or bad credit it can have a big impact on your ability to obtain a remortgage, purchase mortgage or a home mover mortgage. If you are not sure what to do next a five minute no obligation talk to one of our in house specialist mortgage advisers on 0800 298 3000 (landline) or 0333 0031505 (mobile) will at least shed some light on which of our remortgage or purchase mortgage options may be available to you, alternatively fill in our short >> mortgage enquiry form First Choice were established in 1988 and are committed to helping you get the remortgage you want or buy the property you are seeking, whether or not you have been declined elsewhere or have impaired / bad credit.
Bad Credit Remortgages Availability
Even if you are looking to clear or refinance some or all of the poor credit through a debt consolidation remortgage it is often the case that you cannot find a mortgage lender who is prepared to take on your specific case. You may be committed to setting your finances straight or you may have older defaults, county court judgements or mortgage arrears on finance that were beyond your control at the time but now you feel better able to get back on top of your cash flow. Alternatively you may be looking to buy a property but are worried about potential defaulted credit items.
In which case the good news is there are now mortgage and remortgage plans available for people who have bad credit or complex circumstances. Sometimes they can be a little more expensive than so called prime mortgage customers, but there is not always a big gap. You may be surprised just how many genuine mortgage offers are available to you if you know where to look for them. 
Declined Or Refused A Remortgage
Being let down by a Bank, Building Society or other lending institution when seeking a remortgage can be demoralising and leave you feeling disheartened. It is important to realise that lenders vary widely in what they are looking for in a customer, for example some lenders rely much more on automated software to make decisions than others. Your personal mortgage adviser will match you to the mortgage plans as they know which the different lenders consider different circumstances, their aim is to find a remortgage or purchase plan which both matches your needs and where you meet the lenders criteria. Just because you have been declined a remortgage when the `computer said no` it does not always mean that you are at a dead end or no one wants to help you. Having bad, poor or adverse credit is clearly not an ideal starting point but there are hundreds of thousands of people in the same situation right now and there are lenders that are keen to tap into such a large market.
Mortgages With Defaults, Missed Credit Payments & Loan Arrears
Consumers can end up with adverse credit for a very large number of reasons. Often it is because they have not managed to keep up with the minimum repayments required on a personal loan, credit card, store card or higher purchase agreement they previously entered into. These missed payments are recorded and can be seen by potential lenders who you ask to provide you with a mortgage or remortgage. If you fall behind by 3 or 4 payments on a credit item it can then show as a default on your account for many years. The older a missed payment or a default is the less important it is in determining whether you will be declined or refused a mortgage. However the more missed payments and defaults you have the less lenders will be able to consider your application. Therefore sometimes clients with a few older defaults or just a few recent missed credit payments could still get access to the very best mortgage plans around. Satisfied defaults are ones that have been paid off since the account defaulted, these can be seen as less of a negative that an unsatisfied default so it may be worth clearing defaults on your credit file where possible, this can be an option via a debt consolidation remortgage to repair your credit profile.
Mortgage Arrears & County Court Judgements - Implications
Your adverse credit levels are often measured by lenders in units. Basically a particular type of bad credit item will be worth 1, 2 or 3 or even more units based on that specific mortgage providers view on the severity of that bad credit item. Recent Mortgage arrears and County Court Judgements are possibly the more serious poor credit items, especially if they have not been cleared. However as discussed before lenders have certain areas they prefer to others and they do not all target the same areas, so whilst your poor credit unit score with one lender may be too high and lead to a declined remortgage application another lender may ignore some of your missed credit items or give them less priority leading to an accepted remortgage application even with what you thought was a bad credit situation. By reading this you probably appreciate that having a bad credit record is time sensitive, so it is worth taking stock of your situation and seeing if you can use some of the money borrowed through a remortgage to pay of any current defaults, credit arrears or even county court judgements
Why Try First Choice Finance?
Clearly navigating this complex remortgaging area involves various detailed criteria and critically being able to find mortgage lenders who are prepared to help you out. This is where First Choice Finance can give you a head start, by knowing which lenders are seeking which types of clients and being able to provide them with the correct supporting evidence and proper documentation on your behalf, we can help you get your mortgage or remortgage through whilst minimising stress and taking the headaches away from you. Fill in our online form, or give us a call on 0800 298 3000 (landline), 0333 003 1505 (mobile friendly) and let us help you get back on track.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. |
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.
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