Money Outlet

Remortgaging your property is a common practice for thousands of UK homeowners. The main reasons one decides to remortgage is to either switch to another lender for a better interest rate, raise cash by releasing equity to consolidation debts or make needed home improvements, or a combination of both.

Search the market before you switch lenders

Many homeowners today are finding themselves in bad credit situations that are often out of their control. So, when it comes time to remortgage, they discover they must apply for a bad credit remortgage. As a result, homeowners may find certain limitations when deciding to remortgage such as higher interest rates and the number of bad credit remortgage products available.

Get your credit back on track today! Apply Now for a bad credit remortgage.

Here at the MoneyOutlet we work in a large nationwide network of UK bad credit remortgage brokers with access to the Whole of Market including adverse and subprime mortgages. Applying is easy, free and there’s no obligation. You’ll receive a key-facts illustration to guide you in finding the best remortgage to suit your needs. Apply Now on the secure and confidential form above.

There are a number of references to bad credit remortgages, such as:

• Adverse credit remortgage
• Poor credit remortgage
• Sub-prime remortgage
• Non-status remortgage
• Non-conforming remortgage
• Credit-averse remortgage

No matter the title, many lenders have recognized this growing market and have added adverse credit to their underwriting criteria. Because you’ll often find that bad credit remortgage rates are higher, depending on the severity of your credit score, it is recommended to consider the services of an independent mortgage broker. One reason is that independent brokers have access to the ‘Whole of Market’ allowing them access to every mortgage lender, including subprime remortgage deals.

Additionally, each lender will score your credit according to their risk assessment criteria. Meaning that Lender A may feel your credit is more adverse than Lender B. This may result in one lender charging higher interest than another. So, by comparing the market with a professional broker, you are much more likely in finding the most affordable deal to suit your needs.

There are still plenty of reasons to remortgage and if your only option is a bad credit remortgage, there are plenty of lenders will to offer you a competitive quote.

How can a bad credit remortgage help me?

• Debt Consolidation: Remortgaging your home to release cash to pay smaller debts like credit cards, secured and unsecured loans, store cards, etc. could potentially save you £100’s if not £1000’s in interest alone.
• Improve Your Credit History: Improving your credit score over time, by consolidation debts now, means not only lower interest rates but accessing credit more easily when you need it in the future.
• Home Improvements: Your bad credit remortgage means being able to release cash from the equity in your home. If you’re home is in need of repairs or remodelling, you may find the rates on a remortgage are lower than if you borrowed a secured loan or personal loan for your home improvement project.
• Rate Options: Perhaps your current mortgage is on an affordable fixed rate but that period is ending soon and your lender’s variable rate may be too costly. A bad credit remortgage may be cheaper on a fixed rate scheme with a new lender than a variable rate with your current provider. However, ensure this is the case before switching policies.

Switching policies with a bad credit remortgage has advantages. Depending on how severely adverse your credit is you must also be aware of the downsides to this type of loan product. Since rates will most likely be higher than a good credit remortgage you’ll want to check with your broker to find out about and compare rates. Also, be sure to check with your current lender, on a bad credit remortgage or not, if there are any early redemption penalties for switching to a new mortgage policy.

There are many good reasons to remortgage and as more banks and specialist subprime remortgage lenders compete to offer better deals you can really benefit from the advice and guidance of a certified mortgage broker.

Here at the MoneyOutlet we work with a vast network of independent UK mortgage brokers with direct access to banks, building societies, and bad credit remortgage lenders. If you suffer from poor credit, CCJ’s, mortgage arrears or filed for bankruptcy or an IVA, we can help you now!

We cater to all credit types and will connect you with CeMAP certified brokers eager to help you find the best remortgage for your needs. You safely and securely provide your requirements in the form above and we immediately begin searching 1000’s of low cost bad credit remortgages based on your financial circumstances. You’ll receive your free, no obligation quote without a credit check (important!).

Why not see how we can help you today? Use www.moneyoutlet.co.uk to search and compare online and help find you the best available mortgage loans in today’s market no matter your credit status.