Remortgaging with bad credit needn't be stressful or difficult. In today's uncertain economy, a history of bad credit is hardly uncommon. Many borrowers have acquired debt as a result of a redundancy at work, an illness or a disabling injury. Often overspending leads to high credit card balances, which the borrower can't repay. Regardless of the reason for your unpaid debts, the equity that you have in your home is an asset that can be used to help you improve your financial circumstances.
Before you source remortgage deals for borrowers with bad credit, request a copy of your credit report to verify its accuracy. Look for any errors on your report, such as debts that you've already settled which are listed as unpaid. When you approach remortgaging lenders, you'll want to be aware of the details of your credit report, so that you can discuss your circumstances openly. Remortgaging with bad credit is not impossible, but it may be more challenging than remortgaging with a clean financial history.
Adverse Remortgaging Specialists
Under certain circumstances, remortgaging with bad credit may be difficult. If you have a County Court Judgment, or CCJ, in your history, some prime lenders may not consider you for a loan. A CCJ is a settlement issued by a court ordering you to repay a debt after a long period of delinquency. Although a CCJ may have negative implications for lenders, this arrangement represents an opportunity for a borrower to repay a debt on manageable terms. Unfortunately, a CCJ may remain on your report for several years after it has been settled.
If you have missed several repayments on your existing mortgage, remortgaging lenders may consider you to be a high risk. Having a mortgage in arrears indicates to these financial institutions that you are struggling to keep up your current repayments. However, if you have missed only one or two repayments and you are currently up to date with your loan, a prospective lender may be more likely to consider your application.
Remortgaging with bad credit is almost invariably more expensive than arranging a prime remortgage. If you've established a history of late or missed repayments on your mortgage or other loans, a lender is likely to offer you a higher rate. Some high street lenders may decline your application. If a bad financial history is preventing you from obtaining a competitive remortgage, specialist lenders may help you to obtain a loan with reasonable interest rates.
Adverse remortgaging specialists can arrange loans for borrowers with a history of bad debts, a CCJ or an Individual Voluntary Arrangement, or IVA. You may pay higher than average interest rates or a high lender's arrangement fee for these loans. However, if a bad financial record has become an obstacle to availing new financing from prime lenders, specialist lenders offer assistance. Take the time to find a reliable, FSA regulated lender that offers fair, favourable deals to borrowers who are remortgaging with bad credit.
An impartial remortgage broker can be a valuable ally when you're remortgaging with bad credit. Brokers have extensive knowledge of the current market and are familiar with the financial providers that issue loans to applicants with bad debt. A reliable broker may be aware of deals that are not widely publicised. If you're anxious about applying for remortgages that may have outrageous terms, rates or arrangement fees, working with a broker may ease your stress.
Remortgaging After Repairing Credit
At times, remortgaging with bad credit requires settling for a deal with an interest rate that's not competitive with the current market. However, once you've repaid your loan for a period of time at a higher rate, you may choose to remortgage again at a more competitive rate. Repairing your finances may take some time, and most borrowers do not achieve a perfect rating overnight.
Remortgaging with bad credit may give you the opportunity to repair your financial rating by paying off debts and establishing a history of keeping up repayments on your remortgage. Before you accept a deal, use a remortgage calculator to confirm that you can afford the monthly repayments. If your finances are in a fragile state, you will want to make sure you can afford a loan before you commit to an arrangement that might worsen your situation.
As you source remortgage deals, compare quotes from several FSA regulated providers before you settle for an offer. Having a CCJ or a mortgage in arrears doesn't mean that you need to accept the first offer that comes along. If you are working at reestablishing your finances, remortgaging with bad credit may make a difference in how quickly you recover from your debts. Look for favourable arrangement that provides the opportunity for you to improve your circumstances in the years ahead.
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