A bad credit remortgage is designed to help people with a bad credit history.
A bad credit history can occur when you have missed payments on your mortgage or secured loan. You will also get a bad credit history if you have a County Court Judgment (CCJ) or been made bankrupt or have been party to an Individual Voluntary Arrangement (IVA).
If you are currently having credit problems or have had financial difficulties in the past, a bad credit remortgage will suit you.
A bad credit remortgage allows you to release equity in your property to pay off your current mortgage, along with any other more expensive items of credit such as credit cards and unsecured loans.
A bad credit remortgage should allow you to reduce your monthly mortgage payments as you will not only be benefiting from a better interest rate on your bad credit remortgage but you can also extend the term of your loan which means you are spreading the interest over a longer term and therefore reducing your monthly payment. Please note you will also be increasing the amount you are paying back by doing this, but you can always shorten the term of the mortgage again at a later date when your finances are in better shape.
A bad credit remortgage will also allow you to rebuild your credit history. Many bad credit remortgage products will allow you to take a 2 year tracker or fixed rate mortgage which means as you will have consolidated all your other debts and are paying one affordable monthly payment, there should be no reason to miss anymore mortgage payments. This will mean that if you make all your mortgage payments whist on your 2 year tracker/fixed bad credit remortgage and do not incur anymore CCJs or go bankrupt, the rate you will be eligible for at the end of your bad credit remortgage discount period will be better. You may even be able to go back to a high street lender.
To find out how Solution Mortgages can help you with a bad credit remortgage, please feel free to call 0845 123 1260 or click on the Call me Back button and fill in your details. A company representative will call you at the time you have specified to discuss your requirements.
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