Bad Credit Remortgage

Many people may consider remortgaging their homes for a number of different reasons. This may be to consolidate debts that they may have, or to lower their monthly repayments, or get a better deal on their interest rates. But often, due to various other circumstances, such as bankruptcy, CCJ’s, or even late payments, an individual may be tarnished with bad credit on their record. Black marks such as these often stay on an individual’s record for up to 7years. This may make many lenders wary when someone with bad credit looks to remortgage their property.

High street lenders will generally refuse those who wish to remortgage their homes that have bad credit ratings, and so it is often the case that the help of specialist lenders is sought. These specialist lenders will operate through the use of independent mortgage advisors who will aid in helping the individual find a suitable remortgage plan with a lender who is sympathetic to problems such as those that may lead to problems with bad credit.

These specialist lenders will tend to ignore the 7year rule, and will look at the past few years of the individual’s credit history to determine whether or not they have bad credit or not, and if it will be a problem in finding them a suitable lender. Generally, the independent advisors will research into the history of the client to find all possible avenues in which they may be able to be helped, even if they do have a bad credit rating and are required to remortgage their property.

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