Bad Credit Remortgage
A popular way to get market leading interest rates on a mortgage is to secure a fixed rate mortgage with a lender. Fixed rate mortgages provide low interest rates for the first few years of the finance. However, at the end of the initial period, the mortgage reverts back to the average interest rates at the time the mortgage was taken out. This could lead to individuals committed to outdated rates that result in paying more than necessary each month.
One way for individuals to ensure they do not commit themselves to higher interest rates is to remortgage their property. Though remortgaging a property may be difficult with bad credit.
There are many ways in which an individual’s credit may be adversely affected.
- A County Court Judgment
- Any bankruptcy proceedings
- A late payment of a utility bill
- Entering into an Individual Voluntary Arrangement (IVA) with your creditors
Typically, traditional lenders will not agree to remortgage a property for a borrower with bad credit.
Fortunately, there may be a way to secure finance to remortgage a property with bad credit.
Here at Fair Mortgages, we have experience in remortgaging properties for individuals with bad credit. Through our professional relationships with private banks, specialist lenders, family offices and wealth managers we can source the best financial solutions for our client’s needs.
Our Bad Credit Remortgage Service
Our independent mortgage broker service offers:
- Access to the whole market – we can compare most UK lenders who will deal with bad credit ratings.
- Credit repair mortgages – we can source remortgaging solutions that will provide the money you need and help you rebuild your credit rating.
- Finance within a short period of time – contact us today and we can secure the funding you need swiftly.
- Financial solutions for raising additional funding on top of an existing mortgage – If you have an existing mortgage that does not cater for your needs, we can help.
If you need to remortgage your property and you have bad credit, use our free remortgage calculator to find out how much you could save on your monthly payments.
Remortgage with Private Lenders
Before a private lender agrees to remortgage a property, they will usually require:
- Details of your existing mortgage: A full breakdown of the finance you already have in place
- Proof of income: A number of pay slips will be requested
- Bank statements: You will need to provide a certain amount of bank statements to prove you can afford the monthly repayments.
How to Remortgage a Property with Bad Credit
Remortgaging may give you the freedom to release equity in your existing property or could significantly reduce your monthly mortgage payments.
If you have previous had bad credit but need to remortgage, call our mortgage team on 0117 313 7780 to discuss your situation or use our Callback form.