Remortgages for people with bad credit
If you have or have had bad credit in the last 6 years and are looking to remortgage it can often feel like you are isolated with many lenders unwilling to give you the opportunity to refinance to clear up any previous credit issues.
The reasons for adverse credit being registered are numerous and include such things as missed or late payments on credit cards, store cards or loans. Defaulted loans or credit card accounts, previous or current debt management plans, late or missed payments to secured loans, IVA’s and Bankruptcy to name but a few.
Having this bad credit often means that the mainstream lenders are unwilling or unable to help, even if a Remortgage begins the process of tidying up these items of bad credit standard high-street lenders are still unlikely to lend.
Remortgaging from one provider to another can quite often help in clearing up your bad credit for the long term. For example it may be that you wish to raise some capital from the value of your property to clear up old CCJ’s or default or you may want to raise funds to clear down a debt management plan.
A remortgage may be a good vehicle to help get you out of your poor credit cycle and start afresh. With every ones circumstances being difference the best course of action is to speak with a broker who will be able to understand your circumstances, the lenders that are available in the market place today and then match you to the best lender to assist you.
A review of the market place for the non-mainstream lenders will quite often throw up options to suit your circumstances. Don’t despair even if you have been knocked back by a lender or two. There are quite often suitable options available and help can be found for the majority of scenarios.