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How to get a Bad Credit Remortgage

Remortgaging can be an effective way to improve your financial situation and reduce the cost of your existing mortgage, even if you have bad credit. Remortgaging can help you to lower your monthly payments or access a lump sum of capital, such as for home improvements or consolidating debt.

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Top tips before making an application

Remortgage applications are subject to the same assessments as any other type of mortgage application. However, since having bad credit indicates a higher risk to lenders, they may apply stricter criteria when deciding whether to offer you a remortgage with bad credit.

It is important for applicants with bad credit to understand what their options are and how best to approach their remortgage application in order to reduce the chances of having their mortgage declined.

Bigger deposit, better terms

One of the most important considerations for an applicant looking for a bad credit remortgage is the type and size of deposit they can provide. A larger deposit will usually result in more favourable terms from lenders as it reduces the risk associated with your mortgage loan. With a remortgage, your deposit is normally the equity you have in your home.

Get your finances in good order

Applicants should take time before applying for a bad credit mortgage to closely review their existing finances and ensure they are in good order.

Reviewing existing debts and financial commitments and understanding how much disposable income is available each month will go towards providing lenders with reassurance that you will be able to manage repayments on the new loan successfully.

Prove problems are in the past

Lenders may also want proof that any issues causing your poor credit score were rectified long ago. Simply having had these problems will not automatically disqualify someone from being accepted for a remortgage; but showing evidence of improved finances over a number of years will help lenders feel more confident in offering favourable rates.

Get a copy of your Credit Report

It is a good idea to get a copy of your credit report before starting the remortgage process in order to check for any errors or inaccuracies which may be causing you to have a poor credit rating. Additionally, it’s also important to make sure that all existing debts are up-to-date and paid off since lenders will look at these when assessing your application.

Seek specialist advice

Obtaining advice from a financial advisor or bad credit mortgage broker may also be beneficial in order to gain insight into what types of deals may be available and how they would compare with other options.

It's important to plan ahead if you're looking at getting remortgaged with bad credit as this will give lenders reassurance that they can trust you with making repayments on time and managing your finances successfully in the future. Making sure all financial commitments are up-to-date and that disposable income is managed responsibly each month will help provide evidence of improved finances over a number of years.

Additionally, those wanting to remortgage should take into account any other costs such as legal fees or early redemption charges that come along with their current mortgage loan before deciding whether it’s worth going through the process again.

Shop around for the best deals

Finally, it’s important for applicants seeking a remortgage with bad credit to shop around for the best deal by comparing different providers and products on offer so that they can find one which meets their needs at an affordable rate which suits their budget. Remember that higher interest rates on loans designed specifically for those who have poor or low credits scores may seem off-putting at first but if managed carefully, borrowers can use this opportunity as part of improving their overall financial health in the long term.

Remortgage rates explained

Remortgage rates are an important consideration when remortgaging a home with bad credit, as they can be higher than those typically available to those with good credit.

Remortgage lenders usually offer competitive rates depending on the borrower's individual circumstances and financial situation, so it is important to ask questions in order to make sure you get the best deal possible.

Remortgage rates may also vary between lenders and can depend on a variety of factors such as loan size, term length, credit score, and other criteria.

Remortgage lenders may also have different early repayment charges which should be taken into account when comparing different lenders and their offers. Early repayment charges are calculated based on how much of the loan has been paid off prior to its due date and this fee can vary greatly between providers so taking some time to research different options is essential.

Remortgage rates can also change over time, depending on market conditions, so if you’re considering remortgaging in the future, it’s worthwhile keeping up with current trends in order to secure the best deal.

Remortgaging with defaults or CCJ's

Remortgaging with CCJ's (County Court Judgments) and mortgage defaults can be difficult, as these can negatively affect credit scores and make it harder for borrowers to secure a competitive remortgage rate.

Remortgage lenders will usually assess the financial situation of potential borrowers to ensure they are able to meet their monthly payments over the loan’s term.

Find a deal to suit your needs

Remortgage lenders may offer different terms for those with CCJ's or defaults on their record, so it is important to compare different products on offer in order to find the most suitable deal for individual needs at an affordable rate.

Remortgaging with CCJ's or defaults can potentially help reduce monthly payments and improve poor credit scores over time so long as all payments are made on time and in full - however it is important to keep in mind that early repayment charges may apply so always read through contracts thoroughly before signing any agreements.

Get a guarantor to help

In some cases, remortgage lenders may require additional security such as a guarantor in order to approve applications - this means that another person agrees to pay off the remaining balance of the loan should the borrower be unable to do so.

Remortgaging lenders may also consider applicants who have previously been refused loans due to bad credit, although each case will be assessed individually based on an applicant’s current financial circumstances and credit score.

Remortgaging after bankruptcy

Remortgaging after bankruptcy can be a difficult proposition, as lenders are typically wary of taking on borrowers who have recently declared bankruptcy. Remortgaging after bankruptcy is possible, but it does require that the individual take additional steps to ensure that their credit score is on the mend and that they can provide proof of adequate income.

Pay off all creditors

Any existing creditors should be contacted with regard to settling outstanding accounts before remortgaging applications can begin. This step is important for two reasons; firstly it shows potential lenders that you take your finances seriously and secondly it means current creditors will have no claim over any potential property when remortgage applications are approved.

Show your finances are back on track

Individuals must work toward improving their low credit score by making all payments on time and managing finances responsibly in order to demonstrate that they are back on track with their financial situation and capable of meeting loan repayments.

Applicants will need to provide proof of income - such as regular pay slips or recent tax returns - to show lenders they can afford the monthly loan repayments required if approved.

Plan ahead and be patient

Additionally, it’s important that applicants struggling with bad credit ratings following bankruptcy get used to the idea that they may not receive approval straight away.

While some banks may accept borrower’s applications immediately there are likely going to be other cases where further evidence needs proving before any final decisions are made (such as providing more financial documents).

Remortgaging with bad credit can be tricky but it is possible. With careful planning and research, you can find a remortgage that meets your needs and helps improve your financial situation.

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