Bad Credit Remortgages

Bad credit remortgages are designed for people who suffer from a lower credit rating than that required, to attain a prime remortgage deal.

Bad credit happens when the borrower has repeatedly defaulted on the repayments, has subsequent arrears and can often face the threatening letters of debt collection agencies and bailiffs. Eventually leading onto county court judgments or even the threat of an IVA or Bankruptcy etc.

Bad Credit Remortgage Deals

With the mortgage lender fully securing the loan amount on the current property, they often have little hesitation in offering a bad credit remortgage loan. The loan value will depend on the equity within the property classed as collateral.

The two major attractions of a bad credit remortgage are larger repayment durations and a lower interest rate. The borrowed amount can be repaid within the duration that suits the applicants needs (within reason), providing the borrower with an opportunity to rejuvenate their financial status.

Your credit score will also get improved as you pay bad credit remortgage loan installments in a regular manner. Timely payments of installments are essential for saving for your home from repossession.

Remortgages for people with Bad Credit?

Bad Credit Remortgage Deals: We understand that bad credit can be a problem when obtaining a remortgage. Your credit history may have been damaged due to defaults, arrears or a County Court Judgment (CCJ's). Once your credit history is adverse, it has long-term effects on your financial future. How to repair your credit history.

Other names associated Bad Credit

  • Sub Prime Remortgage
  • Non status remortgage
  • Poor credit remortgage
  • Non standard remortgage
  • Adverse credit remortgage
  • Credit impaired remortgage

Bad Credit History

Adverse credit history's in the UK could mean that you have one or more of the following

  • IVA
  • Loan / credit defaults
  • Mortgage, Rent or Loan arrears
  • County Court Judgments (CCJ's)
  • Bankruptcy
  • Decrees (Scotland)

How to Check your Credit History

To check out your credit history you will need to contact one of the three Credit Reference Agencies.

These organisations specialise in collecting and collating vast quantities of data on your financial status. Learn more about checking your credit history.

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