Getting a bad credit remortgage
Talk to us now about how to get a bad credit remortgage
If you need a new mortgage but have financial problems that prevent
you from remortgaging the traditional way, you should consider getting
a bad credit remortgage.
People decide to remortgage for a number of reasons. These might
include:
- To get a more favourable interest rate
- To get greater flexibility
- To fund home improvements such as extensions and conversions
- To release money for purchase such as a new car or a family
holiday
- To raise funds to clear debts
Whatever your reason for remortgaging, you'll have trouble finding
a traditional lender who'll accept you if you have bad credit problems.
What constitutes bad credit?
For the purposes of mortgages and other loans, bad debt is usually
measured by your credit rating. This is a score that is given to
you, based on the way you have handled credit payments in the past.
Your credit rating score is referred to whenever you want to take
out a loan or mortgage, or apply for a credit or store card. If
your credit history shows that you have always met your minimum
payments, and paid the lender on time, you will have a positive
rating. On the other hand, if you have regularly missed payments
on any type of loan or credit arrangement, your credit rating will
go down. Once your credit rating has fallen past a certain point,
most lenders will not be prepared to lend money to you.
So how can I remortgage?
As the number of people in the UK with credit problems has increased,
so has the demand for mortgage and remortgage products that cater
for people in financial difficulty. Although many high street banks
and building societies don't have products for bad credit customers,
specialist lenders have filled the gap in this market with a range
of products that are designed to allow people with bad credit to
remortgage.
Getting a bad credit remortgage
Once you've confirmed that you have a bad credit rating, you need
to get advice on the right bad credit remortgage for you:
- Find a specialist advisor
- Check they are authorised by the Financial Services Authority
- Ask about their experience and market knowledge
- Check their website for testimonials and information on customer
service
- Ring and ask an advisor to explain how the process works
Once you are satisfied that the mortgage advisor has the right
qualifications and experience to advise you, and when you feel comfortable
with the way the company treats you, ask them to recommend a bad
credit remortgage product, and you could be enjoying the benefits
of a remortgage sooner than you think.
At Leybridge Limited, we have the expertise and experience to help
find the right product for you, and customer service is where we
excel. Find out more now by calling 0800 977 7587 and speaking to
one of our dedicated advisors.
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