While some mainstream lenders are starting to offer remortgages to people with bad credit directly, this market is mostly served by a number of specialist bad credit lenders.
You probably won’t recognise the names of these companies, but behind them all are some of the largest banks and lenders around – who set them up as seperate “brands” to their normal high street operations. So you can be confident that they are reputable lenders.
These specialist lenders only deal through authorised mortgage brokers.
So to get a quote for a bad credit remortgage, you will have to discuss your requirements with a mortgage broker.
The broker will want to know:
- details of your existing mortgage
- details of any other debts you have which you wish to include in the remortgage – credit cards, loans, finance schemes, etc
- how much you earn
- what your outgoings are each month
- whether you have had any CCJs, IVAs or bankruptcies
- whether you are in arrears with any payments
Once they have this information, they will contact the most appropriate lenders and get a remortgage quote for you.
The quote should include:
details of the monthly payments
interest rate details – is it fixed or variable?
information about fees and tie-ins – are there early repayment charges?
· how long the remortgage is for – it may be over a longer term than your current mortgage
confirmation of what the broker’s fees (if any) will be
Remember: Although your monthly payments may be reduced by extending the term of the mortgage, you may end up paying more interest in total than you would have done previously. Ask your broker to explain the numbers to you if you are unsure.
Read More About Bad Credit Ratings
- What Is A Bad Credit Remortgage?
- Why Choose A Bad Credit Remortgage?
- How To Get A Bad Credit Remortgage
- Things To Consider about Bad Credit Remortgaging
- Bad Credit Remortgages: Questions and Answers
- About Bad Credit Ratings
- Credit Reports and Credit Files
- What is Credit Scoring and Credit Rating
- What is a Credit Search
- Here’s The Good News
- Finding Lenders for Adverse Credit Cases
- Adverse Credit Record Agencies
- Causes For a Bad Credit Rating
- County Court Judgement Mortgages / CCJs
- How Are You Credit Rated?
- How To Check Your Credit Rating
- Bad Credit Remortgages
- Want To Talk To A Specialist Bad Credit Mortgage Adviser?
- Mortgages For People With A Bad Credit History