Why a bad credit remortgage could help you

If you need to release cash, but you have a bad credit history, a specialist remortgage could be the answer.

Why remortgage?

There are many reasons why people choose to remortgage. In most cases, it's to benefit from better interest rates, reducing monthly payments and freeing up cash for other things. For others, a remortgage is a necessity, where the newly-generated cash is needed to clear debts or make vital repairs or alterations to the home.

If you need to release cash through a remortgage, but you're already suffering from a bad credit history, what can you do? Typically, high street lenders are not interested in your business; someone with a bad credit rating is too risky for these mainstream lenders. If you look on the internet, there's a bewildering array of companies promising to help you clear your debts and raise additional money. If you do decide to remortgage, how do you find a lender that can help?

Bad credit mortgage lenders

The demand for mortgage and remortgage products for people with bad credit has increased in recent years. More people are in debt, but they still need to get on with their lives and pay for essentials, and most people with bad credit genuinely want to turn their finances around, taking control of their money.

Specialist lenders help you to do just that, by providing straightforward remortgage products that allow you to borrow money against the value of your home in exactly the same way as a traditional mortgage product. If you have a bad credit rating, you are a bigger risk for the lender, so interest rates are usually marginally higher, and some products have stricter redemption clauses - rules about when you can pay off your mortgage and how much it will cost - but competition is keeping interest rates at a reasonable level and if you can show the lender that you can make regular payments, you may even find that your bad credit rating improves over the term of your remortgage.

It doesn't matter what you want to release the money for; home improvements, a new car or clearing your debts, if you have bad credit, you'll need to take out a bad credit remortgage in order to fund your project. An experienced mortgage advisor can help you to find the right product for you, and get you back in control of your money.

At Leybridge Limited, we specialise in bad credit remortgage advice. We've found products for hundreds of clients in your position and we have the market knowledge and financial expertise to make sure that you choose the right product for you. Not only that, but we keep in touch with you to check that everything's working for you and to see if we can help you manage your finances successfully.

To find out more, or to make an appointment, call us today on 0800 977 7587.