Bad Credit Remortgages
A bad credit remortgage will be needed if your credit rating has adverse or bad credit. This means that you may have a CCJ, been in arrears with your current mortgage or have some other missed payments, have entered into an Individual Voluntary Arrangement (IVA) or even bankruptcy.
The mortgage product you do eventually secure will depend on just how much bad credit debt you have. There are varying degrees of bad credit and they range from light to medium to heavy. In almost every instance there will be a lender available to at least consider you situation, but generally the lender will expect at least 10% equity in the property.
Although a Sub Prime mortgage you will still be able to choose from fixed, discounted, capped and tracker rate products and many leading High Street lenders have introduced an adverse product range making this market much more competitive than in the past. The interest rate will generally be higher than a standard mortgage but our advisors at Grovelawn will be able to source from the whole of the market to find you the most appropriate product subject to your own circumstances and there will be No Broker Fees at any point for our services.
Once you have a remortgage in place, you can continue to improve your credit history by making your payments on time. Then when your deal has run its course and this could be for as little as 2 or 3 years and you have no outstanding defaults or CCJ's you should be able to apply for a standard mortgage which should have a more competitve interest rate attached. You could take a look at our Best Buy Tables for an idea of the current products available.
If you would like to find out more please click our *Mortgage Quote Enquiry* button.